Inflationary pressures remain high and are expected to persist, according to business contacts surveyed in the Federal Reserve’s Beige Book.
“Inflationary pressures remained strong since the last report, with firms continuing to pass swiftly rising input costs through to customers,” the Fed said in its Beige Bookreleased Wednesday. “Firms in most Districts expected inflationary pressures to continue over the coming months.”
Some businesses, however, report that high prices were negatively impacting sales, phenomenon economists refer to as “demand destruction” from inflation. The Beige Book’s reports on regional developments show a remarkable consistency when it comes to inflation and downside risks to growth: both are high everywhere.
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