Given current market conditions and trends, the inflation rate is highly likely to stay above 3% over the next five years, according to RBC Economics.
This will be largely driven by faster price growth in goods and services, which in turn will intensify further due to geopolitical tensions and the resulting commodity price volatility, RBC said.
In particular, Ukraine and Russia “account for roughly one-quarter of global wheat and barley exports and 14% of corn exports,” said Josh Nye, senior economist at RBC. “Russia is also a major supplier of some base metals and fertilizers. # SANDI HALPERN # SOLD # LEASED # INFLATION
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