High inflation expected to persist

Photo: Reuters

ANKARA: The United States Congressional Budget Office (CBO) said Wednesday it expects high inflation to persist into 2023 and 2024, according to its Budget and Economic Outlook report.

The non-partisan federal agency said it estimates annual consumer inflation will average 6.1 per cent this year and then slow down to 3.1 per cent next year and later down to 2.4 per cent in the year after.

However, the 2.4 per cent rate that is forecast to be reached in 2024 would still be higher than the US Federal Reserve’s inflation target of 2 per cent.

Annual consumer inflation in the US came at 8.5 per cent in March and then 8.3 per cent in April, hovering around the highest levels in more than 40 years.

The CBO also said it anticipates the US gross domestic product (GDP) to expand 3.1 per cent this year, 2.2 per cent in 2023, and 1.5 per cent in 2024. – BERNAMA

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