WASHINGTON, D.C.(WNAX)- The recent report on the US economy shows inflation rising to at least seven percent, with prices rises on everything from gas to groceries.

David Chicoine, former President at South Dakota State University, says it appears the Federal Reserve Board wasn’t prepared for the report.

Chicoine, a former economics professor, says people had a lot of Covid relief money from the federal government and fewer places to spend it.

Chicoine says while the worst of the inflation may be short term, the Federal Reserve will likely raise interest rates this year.

Chicoine was also a member of the Governors Council of Economic Advisors.