Economists Predict Prolonged High Inflation Throughout the Year
😢 Economists Predict Prolonged High Inflation Throughout the Year.
Despite the Federal Reserve's best efforts to curb inflation, recent assessments indicate that their progress has fallen short of initial expectations. Even with the benchmark interest rate maintained at 16-year high, inflationary pressures persist, prompting concerns among economists and financial experts. In fact, a group of 45 economists has collectively analyzed the current landscape and arrived at a median forecast, predicting an inflation rate of approximately 4.2%. The Federal Reserve's endeavor to tackle inflation has faced hurdles and unexpected resistance, leading to a scenario where inflationary forces remain stubbornly elevated. These challenges have caused policymakers and economic analysts to reevaluate their strategies and explore alternative approaches to address the persistent price increases across various sectors.
The UK's economy experienced its strongest growth in almost three years, with a 0.6% expansion in the first quarter of 2024, according to the Office for National Statistics.