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The price gauge tracked by the central bank will rise 3 percent a year on average from 2014 through 2018, according to the median estimate in a poll taken by the National Association for Business Economics.
The rate exceeds the 2 percent pace that the respondents said was the Fed’s unofficial target.
The report is in line with surveys of consumers and indicates the central bank may have to work harder to damp inflation expectations after pouring more than $1 trillion into credit markets in a strategy known as quantitative easing.
Economists in the survey also said the Obama administration’s $787 billion stimulus program would push consumer prices higher.