Published: Monday, 16 May 2011 | 5:53 AM ET
High Commodity Prices to Lower 2011 Growth: Survey
By: Reuters
High commodity prices will slow U.S. economic growth and raise inflation this year, but the Federal Reserve is not expected to start increasing interest rates before the first quarter of 2012, a survey showed on Monday.
The National Association for Business Economics' latest survey showed economists trimmed their 2011 annual average growth estimate to 2.8 percent from 3.3 percent in February.
Economists lowered their growth estimates in response to the first-quarter's 1.8 percent annual pace, which was a sharp slowdown from the 3.1 percent rate in the final three months of 2010.
Growth was held back by high food and gasoline prices. "Panelists are increasingly concerned about rising commodity prices and inflation," said NABE president Richard Wobbekind. The survey was conducted between April 13 and May 1, and covered 41 economists.
Article continues: http://www.cnbc.com/id/43043963
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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