With April’s inflation numbers out next week, Fox News contributor and The King’s College executive vice president of business and economics Brian Brenberg warned 40-year high consumer prices will carry on – likely to a recession.“Food prices are at record highs: Corn, soybeans, wheat, other key input products still at record highs. Fuel still hanging at a very high level. Those two things are going to drive inflation here,” Brenberg explained Wednesday on “Fox & Friends First.” “I don’t see a big end in sight for that.”
His comments come on expectations of a 50 basis point interest rate hike by the Federal Reserve Wednesday in a move to combat soaring inflation.
The professor cautioned decreased consumer spending motivated by increased rates will bring the economy into a recession.