The clashing forces that will drive U.S. inflation in 2022

Ben Holland

Things are about to get worse -- but after that, they should steadily get better. That's roughly how economists envisage the path of U.S. inflation in the year ahead. 

Data on Wednesday may show that consumer prices climbed 7.1% in December from a year earlier -- the fastest annual pace in four decades, according to the Bloomberg survey median forecast. That may prove to be the high-water mark, or close to it, as the forces that have driven inflation up during the pandemic are expected to weaken.

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