According to the Congressional Budget Office, inflation will endure until 2023.
According to a report released by the Congressional Budget Office on Wednesday, strong inflation will continue into next year, forcing the federal government to pay higher interest rates on its debt.
The nonpartisan body forecasts a 6.1 percent increase in the consumer price index this year and a 3.1 percent increase in 2023.
This estimate indicates that inflation will moderate from current annual rates of 8.3 percent, but it will remain significantly higher than the long-term baseline of 2.3 percent.
The 10-year forecasts feature some good news, as the annual budget deficit this year will be $118 billion lower than predicted last year.
That's a result of the termination of pandemic-related spending and the resulting robust job growth.
Nonetheless, the government debt will certainly continue to rise over the next decade, reaching nearly 110 percent of GDP.