Inflation is too high and the central bank needs to move quicker to get it under control by raising interest rates, said Gilbert Garcia, a managing partner at Garcia Hamilton & Associates in Houston.

“I wished we’d retire the word ‘transitory,’” Garcia said, at the CNBC Financial Advisor Summit on Wednesday, speaking of predictions that the recent rise in prices are temporary.

“Inflation is running at 6%, probably well over 6%, no matter how you look at it,” he added. “It’s pretty clear that it’s longer than transitory and it’s much hotter than their inflationary target.”