While inflation has hit a 39-year high, there could be some relief in sight. Some economists believe that improving supply chains, cheaper fuel, a possible increase in short-term rates by the Fed and other factors should help ease inflation in 2022.
Russell Price, chief economist at Ameriprise, expects inflation to peak at 7.1% in December and January, for example. After that, he expects the inflation rate to fall toward 4% by the summer and below 3% by the end of the year, but to stay above 2% through 2023.
The U.S. government will also potentially offer less aid to households in 2022, whether that’s through child tax credit payments or beefed-up unemployment benefits. That could also lead to fewer purchases by Americans, further lessening the pressure on inflation.A gallon of regular gasoline has fallen about 2.4% over the last month, to a little less than $3.35 per gallon on Friday, according to AAA.
Oil prices have dropped for a number of reasons. On one side, nations have made agreements to boost oil supplies. On the other, the omicron variant of the coronavirus dented expectations for demand on worries it would cause lockdowns and canceled travel. Benchmark U.S. crude oil has fallen nearly 15% since the start of November.
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