America’s top economists expect that inflation will remain persistently high through 2023 and 2024, according to a new survey by the National Association for Business Economics (NABE).
NABE released its May 2023 outlook survey on Monday which found that 98% of the business forecasters surveyed expect inflation, as measured by the consumer price index (CPI), to remain above the 2% year-over-year inflation rate targeted by the Federal Reserve.
The most recent inflation report that was released earlier this month put inflation at 4.9% year-over-year based on April data.