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The media predicted a dismal inflation report in March after a 40-year high in February, with the numbers due out on Tuesday.
“Get ready for a bad inflation report,” Axios reported on Monday. The report said the March inflation report “appears to be a doozy.” Several media outlets and commentators predicted the same unfavorable outcome.
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Inflation is expected to have hit 8.4% over the past year in March, up from 7.9% in February. If inflation reached 8.4%, it would be the highest since December 1981, according to Axios.
A US News headline said the inflation figure was “probably lousy.”
“March could turn out to be the peak of US inflation,” said a Bloomberg report. CNBC reported Monday that inflation is hitting voters in the South the hardest, and many of them will vote in the midterm elections in the fall.
“Inflation is particularly bad in Tampa, Florida, Miami and Atlanta where consumer prices jumped an average of 9.6%, 9.8% and a whopping 10.6%, respectively, during of the past year,” the article said.
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“By the way Joe, speaking of lousy, I think inflation will pay tomorrow, 8.4 [percent] is the consensus, and who knows, it could be higher than that.” Steve Liesman, a CNBC anchor, said on “Squawk Box” Monday morning.
Host Joe Kernen said the report was likely to “crystallize the hard work the Fed has ahead of it.”
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A CBS News/YouGov poll released on Sunday found that 86% of respondents who said the economy was bad said it was due to inflation, and 82% said it was because of prices. gasoline.
Inflation fears among Americans have risen to their highest level in 11 years, according to a Federal Reserve Bank of New York survey released on Monday. The median expectation, according to the survey, is that inflation will increase by 6.6% per year from now.