White House More Than Doubles Its Inflation Forecast in New Update

WASHINGTON-The White House more than doubled its forecast for annual inflation in new projections released Friday, as supply-chain disruptions stemming from the Covid-19 pandemic continue to put upward pressure on prices. The Office of Management and Budget said it expected consumer prices would rise 4.8% in the fourth quarter from a year earlier, up sharply from the 2% rise that the Biden administration forecast in May.