Headline RoundupDecember 6th, 2021

Economists Expect Inflation to Continue in 2021, Remain High for Several Years

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A majority of economists surveyed by the National Association for Business Economics (NABE) predict that inflation will continue to rise in 2021 and will remain high for the next several years.

Seventy-one percent of the 48 economists surveyed predict that Personal Consumption Expenditures (PCE) minus food and energy will not drop below the Federal Reserve's year-over-year target rate of 2% until the second half of 2023 or later. A majority of those surveyed also estimate that inflation will rise 4.1% year-over-year in the fourth quarter of 2021. Eighty-seven percent of the economists cited supply chain issues as a reason for high inflation, and 76% cited strong consumer demand. Sixty-nine percent said continued wage growth was a reason why inflation wouldn't fall below the 2% target rate for the next three years. Fifty-eight percent of panelists expect supply chain issues to begin easing in the first half of 2022.

Right-rated outlets highlighted the news prominently Monday. Left- and center-rated outlets did not. Some reports from the right framed the prediction as a negative reflection on President Joe Biden's handling of the economy. Some left- and center-rated outlets republished the AP's report, but most didn't offer their own coverage. 

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