Shoppers maintain safe distance in a checkout line in Torrance, Calif.
Al Seib | Los Angeles Times | Getty Images
The coronavirus pandemic is subsiding, but the new normal might not look the same as 2019.
One reason why: The prices of some goods and services have crept up due to inflation and could continue to rise, especially if the government pushes President Joe Biden’s proposed $6 trillion spending plans.
This is a major worry for most wealthy investors, according to CNBC’s latest millionaire survey. As many as 65% of millionaires are concerned about inflation caused by recent government spending, according to the report. Of those, 34% said they were very concerned.
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The survey, conducted online in April and May by Spectrum Group on CNBC’s behalf, had 750 respondents with investable assets of $1 million or more.
In April, the core price index — a key gauge of inflation in the U.S. that strips out the volatile costs of gasoline and food — jumped 3.1%, according to the Commerce Department. That was higher than the 2.9% forecast, and the 1.9% inflation seen the previous month. Including food and fuel, the gauge was 3.6%, the fastest pace in 13 years.
The Federal Reserve generally looks for the measure to be around 2%. Following the pandemic recession, however, the Fed…
