Multiple news outlets, including those that are more left-leaning, responded to the stark economic news Wednesday that inflation is at its highest point in 40 years, and sounded the alarm on what it means for Americans and their wallets.
Rick Santelli joined Steve Liesman on CNBC's "Squawk Box" Thursday to break down the latest numbers and the Consumer Price Index (CPI).
"You have to go to 1982 to find a higher number," Santelli said. The CNBC host was referring to CPI increase in January, which rose 0.6%, which brings the annual inflation up to 7.6%. This is the largest increase since February 1982, when inflation on the year hit 7.6%.
Santelli said these were the numbers everyone was "most concerned" about. "We were supposed to see some alleviated pressure from the monthly read," he continued.
The CNBC host went on to say that one-third of the CPI was housing and rent, noting that it was "very unlikely these rents, which have been surging, are going to be going down anytime soon."
He said labor costs weren't going to be going down soon, either. "Even though they're far from – at least at this point – competing with the actual rate of inflation, it's lagging. So even though wages are up, close to 5%, they're not keeping up with inflation, but they're also most likely not going to go down," Santelli said.