According to a survey conducted this month, most economists expect unsettlingQualcommInflation will continue in 2022 as supply chain bottlenecks will continue to put upward pressure on prices and increasingly dampen output.

These economists' inflation expectations have risen sharply from July, while short-term economic growth expectations have been lowered.

On average, economists surveyed expect the inflation rate for December to be 5.25%, which is slightly lower than the general level since June. Assuming that the inflation rate in October and November were similar, it would be the longest period since the beginning of 1991 when the inflation rate exceeded 5%.

Michael Moran (Michael Moran), chief economist at Daiwa Capital Markets America (Daiwa Capital Markets America), said, “This is a perfect storm: supply chain bottlenecks, tight labor markets, and ultra-loose monetary and fiscal policies.”

According to the average estimates of the economists interviewed, consumer price inflation will fall to 3.4% by June next year, and to 2.6% by the end of next year. This is still higher than the 1.8% average in the ten years before the pandemic.

Economists lowered this year's economic growth forecast to 3.1% from 7% in the July survey. They also lowered their fourth-quarter growth forecast from 5.4% to 4.8%.

VISAChief US analyst Michael Brown (Michael Brown) said, “High inflation erodes consumers' real purchasing power and limits consumer spending and GDP growth.”