Economists dial up inflation targets amid rising wages, strong consumer demand: NABE

Economists surveyed by the National Association for Business Economics are predicting that annual inflation will remain above 2% over the next three years as a result of rising wages and strong demand for goods and services. 

NABE panelists project that the overall consumer price index will rise 6% year-over-year in the fourth quarter of 2021, compared to September's forecast of 5.1%. CPI inflation is expected to remain elevated by the end of 2022 at 2.8% year-over-year, compared to September's forecast of 2.4%. 

The core PCE price index, which excludes food and energy,...