Business leaders expect President Joe Biden’s inflation to rise more than expected in March, according to the Federal Reserve Bank of Atlanta’s business inflation expectations (BIE).
The Federal Reserve Bank of Atlanta’s measure of business expectations for inflation showed that, on average, firms in March expect prices to spike by 3.1 percent, a significant increase. The previous forecast was for it to be unchanged at 2.9 percent.
This measure had been steadily dropping since April 2022 before increasing 11 months later in March 2023.
The inflation survey covers businesses in the Sixth District of the Federal Reserve system, which includes Alabama, Florida, Georgia, and portions of Louisiana, Mississippi, and Tennessee.
The increase in inflation expectations comes a week after the government said core consumer prices, which exclude the volatile categories of energy and food, rose by 0.5 percent and overall prices climbed 0.4 percent. The increase in core prices was…
