Economics
Inflation to Exceed Fed’s 2% Goal Well Into 2023, Survey Shows
- Bloomberg survey shows CPI seen averaging 5% this year
- Economists also see growth moderating after second quarter
A customer shops at a grocery store in San Francisco, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Inflation is projected to run well above the Federal Reserve’s target rate this year and it’ll take longer to recede toward the 2% goal, according to Bloomberg’s latest monthly survey of forecasters.
The consumer price index will average 5% this year, up from the previous month’s projection of 4.6%, according the the median of 76 economists surveyed Feb. 4-10. The survey preceded the government’s latest CPI report, which showed inflation jumped 7.5% in January from a year ago, a fresh four-decade high.