From:
Columbia Business School's Professor Brett House was quoted in Yahoo Finance discussing why overall consumer prices are likely to retreat more slowly than they rose, even as oil prices ease from wartime highs. In the piece, House notes that cheaper crude will take time to work its way through to lower gas and energy prices at the consumer level, and he expects headline inflation to ebb only gradually later this year, still short of the Fed's 2% target. He also points to travel costs, fertilizer prices, and mortgage rates as other war-affected areas likely to normalize slowly, cautioning that closing the final gap to the Fed's inflation target is typically the hardest part of the process.
