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Inflation and Prices

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Economists' 1997 projections for retail price inflation are narrowly distributed. Nearly 70% of those polled in January's Blue Chip survey expected the Consumer Price Index (CPI) to rise between 2.8% and 3.2% this year, very close to its average increase for the past five years (2.8%). More than 60% of the Blue Chip economists expected the CPI to remain in this narrow range in 1998 and less than 10% saw inflation falling below 2.3% or rising above 3.7%.

Suggested citation: “Inflation and Prices,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-02, pp. 06-07, 02.01.1997.

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