Part 6/14:
Doyle emphasizes that inflation is already underway, although often unnoticed in nominal terms. "The prices of commodities, energy, and real assets are rising dramatically," he notes. He highlights that commodity prices—including lumber, energy, copper, and silver—have surged over the past year, largely driven by supply constraints resulting from underinvestment, ESG pressures, and regulatory restrictions on fossil fuels and resource extraction.
He underscores that oil prices, which are crucial to inflation, are poised for a significant rise due to underinvestment and the lack of new projects since the COVID downturn. The subsequent increase in energy costs will ripple through nearly all sectors, impacting transportation, manufacturing, and consumer prices.