Economist Peter Schiff has warned of a financial crisis after a sharp increase in U.S. import and export prices, exacerbated by global oil shocks. February import prices rose by 1.3%, while export prices surged 1.5%. Schiff estimates these numbers are increasing to annual inflation rates of 16.8%–19.6%. This follows the largest monthly increase since the index rose 2.9% in March 2022. The rise in import prices coincides with increased nonfuel imports and fuel imports. Schiff has issued an ultimatum to the Federal Reserve (Fed) to raise interest rates.