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Wells Fargo: Inflation Pressure Is Broadening

US OUTLOOK/OPINION

With "all eyes" on gasoline prices amid the Ukraine-Russia war, and stronger food, grocery and shelter prices, "inflation pressure is broadening", writes Wells Fargo.

  • They forecast +1.1% M/M headline CPI in March (below +1.2% consensus), and +0.5% core (in line with expectations).
  • "Oil prices have retreated in recent weeks and signs that vehicle prices are starting to ease has led us to pare back our near-term expectations. However, inflation's descent will remain painfully slow for consumers, businesses and policymakers alike. Services inflation, which includes housing, shows no signs of abating anytime soon."

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