Inflation accelerating faster than expected, says Obama economist Lawrence Summers

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For­mer Trea­sury Sec­re­tary Lawrence Sum­mers said Fri­day that infla­tion is going up even faster than he pre­dict­ed, push­ing back against the more rosy eco­nom­ic out­look of the Fed­er­al Reserve and the Biden White House.
“I was on the wor­ried side about infla­tion and it’s all moved much faster, much soon­er than I had pre­dict­ed,” Sum­mers wrote on Fri­day. “That has to make us ner­vous going forward.”
Annu­al infla­tion rose to 4.2% in April, the highest …

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