--- title: 96% of Top Economists Expect the U.S. to Have High Inflation for the Rest of 2022 description: In a World Economic Forum poll, 96% of global economists predicted “high” or “very high” levels of inflation for the rest of the year. authors: - name: Adam Hardy role: Lead Data Reporter url: https://money.com/author/adam-hardy/ bio: Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and more than a dozen local and regional newspapers. education: University of South Florida, BA, Magazine Journalism at_money_since: 2021 articles: 497 covers: - Economy and Politics - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - The Penny Hoarder - Forbes Advisor - Creative Loafing - The New York Times - The Washington Post - Bloomberg - Harvard Law School - The Federal Register - National Consumer Law Center - CBS News - Becker's Hospital Review - Business Insider - Mother Jones - The Week - Fortune - The Philadelphia Inquirer - National Association of Student Financial Aid Administrators (NAFSAA) - Education Advisory Board (EAB) - The Institute for College Access & Success (TICAS) - This Morning with Gordon Deal - Empower - Reddit social: - https://www.x.com/hardyjournalism - https://www.linkedin.com/in/hardyjournalism/ published: '2022-05-25T17:19:09.000Z' modified: '2024-02-18T13:17:25.000Z' section: Economy and Politics tags: - inflation - News word_count: 543 canonical: https://money.com/inflation-predictions-economists-outlook/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Woman compares prices of maple syrup at a grocery store before buying them](https://img.money.com/2022/05/News-Economists-high-inflation-rest-of-2022.jpg?crop=0px%2C298px%2C2880px%2C1620px&quality=85) What do Bank of America, Nestle and Spotify have in common? Their chief economists are in near-unanimous agreement that inflation will continue to plague the U.S. economy throughout 2022. Some 96% of global economists said they expect the U.S. to face “high” or “very high” levels of inflation for the rest of the year, according to a World Economic Forum (WEF) [report](https://www3.weforum.org/docs/WEF_Chief_Economists_Outlook_May_2022.pdf) released this week. Inflation refers to when prices for consumers increase, thus driving down the [purchasing power](https://money.com/savings-boom-over-inflation/) of their money. The results are based on an April poll of 24 chief economists at Microsoft, Google, Uber, Mastercard and LinkedIn as well as the companies mentioned above and several international firms, including Barclays, Deutsche Bank and the Hong Kong Exchange. When the economists were asked to plot their [inflationary outlook](https://money.com/inflation-predictions-2022-gallup-poll/) on a scale from “very low” to “very high," 38% chose “very high,” while 58% said “high.” Only 4% — representing one economist — reported thinking the inflation rate will be “moderate” the rest of the year. Nobody selected “low” or “very low.” Of all regions, including Europe, China, Latin America, the Middle East and North Africa, the economists had the grimmest inflationary outlook for the U.S. These findings mark a distinct about-face compared to the WEF's previous report, released in November 2021. At that point — notably, before Russia invaded Ukraine — economists felt fairly confident U.S. inflation was temporary and that regulators would be able to keep it under control. Since then, the Federal Reserve, the nation's central bank, has indeed taken action to fight inflation by [raising interest rates](https://money.com/dollar-scholar-fed-interest-rate-hike/). So far, though, results have been muted. Inflation soared above 8% in [March](https://money.com/inflation-highest-since-1981-gas-prices/) and [April](https://money.com/inflation-groceries-food-prices-rising/). Meanwhile, Americans have begun to believe that [inflation has become No. 1 problem in the U.S.](https://money.com/inflation-biggest-problem-in-america/), according to the Pew Research Center. The WEF released the report as economists and policy wonks flocked to the organization's annual meeting in Davos, Switzerland, this week. At the summit, discussion has been dominated by the continued supply shocks due to the rippling effects of the war in Europe and new COVID-19 outbreaks, which are spurring lockdowns in China. "We are at the cusp of a vicious cycle that could impact societies for years," Saadia Zahidi, a managing director of WEF and a co-author of the report, said in a news release. "The pandemic and war in Ukraine have fragmented the global economy and created far-reaching consequences that risk wiping out the gains of the last 30 years." For Americans, these issues may seem far away, but they are having major [consequences](https://money.com/inflation-outlive-money-retirement/) on the prices of just about everything — especially food and oil. According to the latest numbers from the Labor Department, grocery prices jumped nearly 11% between last spring and this one. During that same period of time, oil and gasoline prices climbed more than 80% and 43%, respectively. [Gasoline prices](https://money.com/gas-prices-spiking-again-record-high/) cooled off briefly in April, but they surged with vengeance in May. As of Wednesday, the average price per gallon of unleaded, regular gasoline was the highest it’s ever been, costing $4.59, according to automotive club AAA. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/inflation-predictions-economists-outlook/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Economy and Politics", "item": "https://money.com/economy-and-politics/" }, { "@type": "ListItem", "position": 3, "name": "Inflation", "item": "https://money.com/inflation/" }, { "@type": "ListItem", "position": 4, "name": "96% of Top Economists Expect the U.S. to Have High Inflation for the Rest of 2022" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/inflation-predictions-economists-outlook/#webpage", "url": "https://money.com/inflation-predictions-economists-outlook/", "name": "96% of Top Economists Expect the U.S. to Have High Inflation for the Rest of 2022", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2022-05-25T17:19:09.000Z", "mainEntity": { "@id": "https://money.com/inflation-predictions-economists-outlook/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/inflation-predictions-economists-outlook/#breadcrumb" }, "dateModified": "2024-02-18T13:17:25.000Z" }, { "@type": "NewsArticle", "headline": "96% of Top Economists Expect the U.S. to Have High Inflation for the Rest of 2022", "articleSection": "Economy and Politics", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2022/05/News-Economists-high-inflation-rest-of-2022.jpg?crop=0px%2C298px%2C2880px%2C1620px&quality=85", "width": 1012, "height": 569, "caption": "News-Economists-high-inflation-rest-of-2022" } ], "author": [ { "@type": "Person", "name": "Adam Hardy", "url": "https://money.com/author/adam-hardy/", "@id": "https://money.com/author/adam-hardy/#author", "description": "Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. 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