TV personality and author Jim Cramer said the rate of oil decline disproves the theory that inflation has not yet peaked. “Inflationistas simply refuse to believe it may have peaked, despite the evidence,” Cramer tweeted.

The rate of decline in oil prices, in my opinion, again belies the notion that we didn’t have peak inflation. Inflationistas simply refuse to believe that, despite the evidence, it may have peaked

— Jim Cramer (@jimcramer) August 2, 2022

From highs above $107/barrel in early June, West Texas Intermediate prices have fallen below $94/barrel.

Why it matters: There is a great deal of debate as to whether inflation has peaked or is headed for further peaks. Fed officials recently said there were no signs of inflation slowing. Fed of San Francisco president Mary Daly said “we are still determined and fully united” in aiming to bring inflation down around the 2% inflation target, Bloomberg reported.

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head of Chicago Fed Charles Evans According to Bloomberg, policymakers are “probably at least a few reports away” from seeing the kind of improvement in inflation data that would support the notion that they are on track with monetary tightening.

On the recession: Cramer also pointed out that economists are playing it safe, stating that defeating inflation without a recession is not possible. “Have you noticed that not a day goes by without an economist saying it’s impossible to beat inflation without a bad recession? It’s so easy to say. Nobody will be held accountable,” he said.

Have you noticed that not a day goes by without an economist saying it will be impossible to beat inflation without a bad recession? It’s so easy to say. Nobody will be held accountable. I will talk about this at the club meeting on Thursday…..