Inflation to exceed Fed’s 2% goal well into 2023, survey shows

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 per cent goal, according to Bloomberg’s latest monthly survey of forecasters.

The consumer price index will average 5 per cent this year, up from the previous month’s projection of 4.6 per cent, 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 per cent in January from a year ago, a fresh four-decade high.

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