US federal agency expects high inflation to persist

Annual consumer inflation in US estimated at 6.1% this year, 3.1% next year, 2.4% year after

By Ovunc Kutlu

ANKARA (AA) – The US 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% this year, and then slow down to 3.1% next year and later down to 2.4% in the year after.

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

Annual consumer inflation in the US came at 8.5% in March and then 8.3% 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% this year, 2.2% in 2023, and 1.5% in 2024.

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