Inflation. Inflation. Inflation...Recession?

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A Federal Reserve economic survey released Wednesday pointed to elevated recession fears along with a belief that soaring inflation will last at least through the end of the year.

On inflation, which is running at its fastest annual rate since November 1981, the report found “substantial price increases” across the country. Prices in areas such as lumber and steel had moderated, but there were “significant” increases in food, energy and other commodities. Companies, however, reported that they are still able to pass along the price increases to customers, a further inflationary sign.

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