The 9.1% rise in inflation is hitting everybody where it hurts, in the wallet. Dr. Mike Strain, the state's Agricultural Commissioner spoke with WWL's Don Dubuc this morning and offered his outlook:
“My big concern is that they’re going to raise interest rates another ¾-percent of a point again, this month,” Strain says. “So you’re going to see prime interest rates on home loans in that 6-percent category and some discussion it could go further, headed toward seven or eight in the near term.”
Strain says the rise in commodity prices is not good for farmers.
“Overall the money supply is tightening up, we saw that Louisiana, had a net recession of gross domestic product in the first quarter of around 4-percent, the nation had a recession of GDP of about 1-point-4.”
This latest jump in inflation was even higher than many experts predicted. The nation is on the fastest pace for inflation going back to November 1981.
