Inflation is on the rise, even though the government isn't admitting it, says Peter Schiff, a syndicated radio host and CEO and chief global strategist for Euro Pacific Capital, Inc.
"I think consumer prices are already rising much faster than the 2 percent that we have year on year from April. I think the average American knows this,'' Schiff told Dennis Kneale, guest host of "The Steve Malzberg Show.''
"When you go to the grocery store, when you pay your electric bill, when you pay your kids' tuition, when you get your health insurance bills, prices are going up a lot faster than the government claims and most Americans can feel it in their pocketbooks.''
Part of the problem, he said, is that the Fed is printing too much money and the nation is not producing enough domestically.
"The supply of goods for sale goes down and that puts upward pressure on price," Schiff said.
"So unfortunately, we're going to have a weak economy, we're going back to recession, but inflation is only going to accelerate.''
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