BOSTON (CBS) – The rising cost over everyday items is on the mind of many Americans. So how long will these inflation concerns last?
WBZ-TV political analyst Jon Keller spoke to Peter Cohan, a management consultant and venture capitalist who teaches entrepreneurship and strategy at Babson College.
“(Inflation) is going to be around for at least the next year,” Cohan said. “The problems with the supply chain have not been solved. Having said that, I don’t think raising interest rates is going to solve the problem. I think it’s basically a business problem. It’s a problem of logistics. It’s a problem of clearing out ports so things are unloaded on a timely basis.”
But as far as just how long the issues will last, Cohan said it’s difficult to predict.
“When people use the word ‘temporary’ to refer to inflation, I don’t think they’re being very specific about how temporary. But I do think that business leaders are clearly hurting because of supply chain problem. They’re going to try to re-engineer and redesign their supply chain so that inflation goes away,” Cohan said. “I don’t think anybody really knows how long it’s going to take before this really goes away. But if you’re looking five years into the future, I think five years from now the problems that are happening now will be solved.”
Cohan said increasing the number of people who are vaccinated against COVID would have a major impact on the economy. He said people being unvaccinated is “a huge hindrance.”
“It just creates a shadow over the entire global economy. Anything that could be done to encourage them to be vaccinated and get boosters will be beneficial for the entire global economy and also the local one,” Cohan said.
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