Top economists surveyed by the Federal Reserve Bank of Philadelphia project consumer price inflation will hit 6% in the second quarter, up from a prior forecast of 2.7%, citing recent geopolitical tensions that have driven energy prices higher. The panel expects elevated inflation to persist through the third quarter before easing toward year-end, with full-year CPI projected at 3.5% and growth forecasts lowered to 2.1% for Q2.
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Top economists surveyed by the Federal Reserve Bank of Philadelphia project consumer price inflation will hit 6% in the second quarter, up from a prior forecast of 2.7%, citing recent geopolitical tensions that have driven energy prices higher. The panel expects elevated inflation to persist through the third quarter before easing toward year-end, with full-year CPI projected at 3.5% and growth forecasts lowered to 2.1% for Q2.