OMAHA, N.E.(WNAX)- Federal reports show inflation running at about seven and a half percent with concern about how long and how much higher it will go.

Creighton University economics professor Ernie Goss says he expects inflation to slow down later this year.

Goss says the Federal Reserve has to quickly raise interest rates.

Goss says there are other economic indicators to watch.

Goss coordinates the monthly survey of business managers in the nine state Mid America region from the Dakotas and Minnesota to Arkansas.