Inflation rate projected to hit 6% in the second quarter, top economic forecasters say
Top economists predict that the inflation rate will reach 6% in the second quarter of the year, significantly higher than previous estimates. The surge in inflation is attributed to rising energy prices following recent geopolitical tensions. Despite expectations for inflation to ease by the end of the year, it is projected to remain above the Federal Reserve's target for the foreseeable future.
- ▪Consumer price inflation is projected to hit 6% for the second quarter according to the Survey of Professional Forecasters.
- ▪The panel has raised its full-year CPI rate estimate to 3.5%, up from 2.6% in the prior survey.
- ▪The unemployment rate is expected to settle around 4.5% this year, slightly higher than the current level.
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The recent surge in inflation is likely to get worse over the next several months, according to a survey Friday from the nation's top economists.Consumer price inflation is projected to hit 6% for the second quarter, according to the Survey of Professional Forecasters, a blue-ribbon group that is polled each quarter by the Federal Reserve Bank of Philadelphia.In the most recent forecast three months ago, the panel put the expected consumer price index gain at just 2.7%. However, that was just before the U.S.
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