Are we in a new era of permanently higher prices?

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• 00:00

  NPR.

• 00:06

  Yesterday, the Federal Reserve announced that it was keeping interest rates on hold.

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  The central bank wasn't taking any strong action this time round to combat rising prices,

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  even though inflation is high at 4.2%.

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  All of this makes persistent inflation more likely.

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  The new Fed chair, Kevin Warsh, claims he's going to shake things up.

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  He set up several task forces to help him do that.

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  But here he is at yesterday's press conference on his most immediate focus.

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  This committee.

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  Will deliver price stability.

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  Kevin Worsh said that the Fed he came into hadn't achieved that.

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  We recognize that inflation has been running well ahead of the Fed's long-stated inflation goal of 2%.

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  That's been going on for more than five years.

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  And given that the Fed didn't raise interest rates yesterday,

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  could we be bracing ourselves for another inflationary wave?

• 01:01

  This is The Indicator From Planet Money.

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  I'm Darian Woods.

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  And I'm Waylon Wong.

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  Today in the show, inflation, winners and losers.

• 01:09

  We ask whether we could be entering a new world of high inflation

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