Inflation is forecast to be more persistent than expected

CPI inflation, %

March 2023 forecast

November 2023 forecast

12%

Forecast

10

8

6

4

2

0

-2

2019

2021

2023

2025

2027

2029

March 2023 forecast

November 2023 forecast

12%

Forecast

10

8

6

4

2

0

-2

2019

2021

2023

2025

2027

2029