Several economists from Duke University are outlining the impacts of inflation.
In a media briefing on Wednesday, the economists said that the country is likely headed toward a recession.
Professor Connel Fullenkamp says that spending will remain level this summer as consumers emerging from pandemic restrictions access leftover money from the fiscal stimulus packages. He says that will delay any concrete evidence that interest rate increases will have any impact on cooling the economy.
When it comes to housing, Associate Professor David Berger says that with North Carolina's population continuing to increase, the demand for homes will keep prices from falling substantially, particularly as there are still record-low inventories in some markets.
And Professor Emma Rasiel cautioned that President Biden's proposed gas tax holiday would have minimal impact, particularly since it will still be up to the gas providers to decide how much of the savings to pass on.
"Overall, I think it's a fairly small impact," says Rasiel. "Maybe a $1.00 or $1.50 less in the cost of filling your tank. I don't think it will make a huge difference. Honestly. I think it's more of a PR exercise than anything else."
Rasiel says when it comes to food, meat prices have been rising especially fast. She warns that fruit and vegetables may soon cost more due to constraints on access to fertilizers.