Inflation Goes Up. Again 6/9/26 - Your Money Minute

Summary3 min read

Your Money Minute – "Inflation Goes Up. Again" (June 9, 2026)
Host: Jessica Ettinger, CNBC
Duration: ~1 minute (excluding ad segment)

Episode Overview

This brief but information-packed episode tackles April’s inflation data in the U.S., focusing on what it means for everyday consumers. With significant insights from CNBC experts and guest economists, the episode zeros in on the direct causes behind the spike, its historic context, and the fallout for consumer spending.

Key Discussion Points & Insights

1. Inflation Data and Historic Context

April Inflation Rate:
- The annual inflation rate for April stood at 3.8%, the hottest in three years and up from the previous 3.5% reading.
- [00:00] "Inflation came in as expected in April, hot, in fact, the hottest year over year inflation in three years as the US war with Iran sent oil and gas prices soaring."
- The main driver: soaring oil and gas prices due to geopolitical conflict with Iran.
Historical Comparison:
- [00:15] "To find a higher number, you’re looking all the way back to 4.4%. And that was in May of ’23."* (CNBC contributor)
- This spike marks the highest inflation since May 2023.

2. The Fed’s Favorite Measure

The discussion cites the latest Personal Consumption Expenditures (PCE) Report, a key measure for Federal Reserve decisions.
[00:31] "CNBC's Rick Santelli with the latest from the Personal Consumption Expenditures Report, the Fed's favorite measure of inflation."

3. What This Means For Consumers

Ongoing "Inflation Problem":
- [00:43] "Look, we have an inflation problem. That's exactly what Fed officials have been saying. That’s exactly what markets have been pricing in. That's why there's concern about consumer spending come the summertime." – Steve Liesman, CNBC Senior Economics Reporter
- Implication: The Fed and markets are taking inflation seriously, spotlighting the impact on consumer spending.
Focus on Real Disposable Income:
- [00:57] "Here's the thing to worry about – real disposable income. That's after inflation, after-tax income is falling, it's declining. That's the fodder for spending, future spending. If you don't have any income, you can't spend." – Mark Zandi, Moody’s Economist
- Zandi underscores that inflation-adjusted, after-tax incomes are shrinking, raising concerns about the ability for Americans to continue their spending habits.
Memorable Emphasis:
- [01:10] "Do I have the income to spend after inflation, after I pay my taxes? And the answer is increasingly not." – Mark Zandi

4. Call to Stay Informed

[01:16] "You can keep up with inflation and the economy at cnbc.com. I'm Jessica Ettinger, CNBC."

Notable Quotes & Timestamps

"Inflation came in as expected in April, hot, in fact, the hottest year over year inflation in three years as the US war with Iran sent oil and gas prices soaring." – Jessica Ettinger [00:00]
"Up 3.8. Exactly as expected. Hotter than our last look, which was 3.5. 3.8. Well, to find a higher number, you're looking at all the way back to 4.4%. And that was in May of 23." – CNBC Contributor [00:15]
"Look, we have an inflation problem. That's exactly what Fed officials have been saying. That's exactly what markets have been pricing in. That's why there's concern about consumer spending. Come the summertime..." – Steve Liesman [00:43]
"Here's the thing to worry about – real disposable income. That's after inflation, after-tax income is falling, it's declining... If you don't have any income, you can't spend." – Mark Zandi [00:57]
"Do I have the income to spend after inflation after I pay my taxes? And the answer is increasingly not." – Mark Zandi [01:10]

Structure and Flow

Host Introduction: Quick setup of the inflation story, linking the spike to geopolitical events (the U.S.–Iran war).
Expert Data Presentation: CNBC’s own Rick Santelli, along with senior journalist Steve Liesman, deliver numbers and context.
Consumer Impact Analysis: Moody’s Mark Zandi explains why shrinking real disposable income is a problem for future spending.
Call to Action: Listeners are encouraged to follow economic updates on CNBC’s website.

Summary:
This concise episode distills the core news about inflation’s current climb, frames its historical significance, and emphasizes the practical impact on everyday budgets, especially regarding American consumers’ real incomes and spending power. For those seeking to understand how national and global factors translate directly to their own wallets, this episode is a must-listen snapshot.

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Transcript8 lines

[00:00]
A
With a CNBC you Money minute, I'm Jessica Ettinger. Inflation came in as expected in April, hot, in fact, the hottest year over year inflation in three years as the US war with Iran sent oil and gas prices soaring
[00:16]
B
up 3.8. Exactly as expected. Hotter than our last look which was 3.5. 3.8. Well, to find a higher number, you're looking at all the way back to 4.4%. And that was in May of 23.
[00:32]
A
CNBC's Rick Santelli with the latest from the Personal Consumption Expenditures Report, the Fed's favorite measure of inflation. Here, CNBC senior economics reporter Steve Liesman.
[00:44]
C
Look, we have an inflation problem. That's exactly what Fed officials have been saying. That's exactly what markets have been pricing in. That's why there's concern about consumer spending. Come the summertime,
[00:53]
A
Moody's economist Mark Zandi was on CNBC with his thoughts.
[00:58]
D
Here's the thing to worry about real dispos income. That's after inflation, after tax income is falling, it's declining. That's the fodder for spending, future spending. If you don't have any income, you can't spend. Do I have the income to spend after inflation after I pay my taxes? And the answer is increasingly not.
[01:17]
A
You can keep up with inflation and the economy. @cnbc.com I'm Jessica Edinger, CNBC.
[01:24]
E
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