OMAHA, Neb. (Reuters) – Warren Buffett stated Saturday that inflation “swindles almost everyone” and it was extraordinary how much inflation Berkshire Hathaway Inc (NYSE:) Inc had seen.

The United States has seen inflation rise to a 40-year high of 6.6% in March. Federal Reserve policymakers seem ready to make a string of interest rate increases to keep prices down.

Buffett claimed that while he couldn’t predict the future level of inflation, he knew that it would rise over time. However, he said that rising prices are having an impact.

Buffett stated, “Inflation within our own businesses, it’s amazing how much we have seen.” “For the last two years, the prices have continued to rise.”

Berkshire noted cost increases in some of its businesses when it reported earnings https://www.berkshirehathaway.com/qtrly/1stqtr22.pdf.

Geico, an auto insurance company, suffered an underwriting loss during the first quarter due to increased loss claims as used car prices rose and the price of parts went up.

Buffett stated, “Inflation is a swindle the bond investor… It swindles those who keep their cash under their bed, it swindles nearly everybody.”