The publication gives three reasons for this situation.
First, the article notes, the IMF, the Fed, and the United States "sat in a puddle" with their economic forecasts.
In particular, the IMF greatly underestimated the growth rate of inflation indicators.
The second reason the publication indicates a high increase in wages.
“Reducing real wages could act as a brake on spending and inflation,” the article says.
The third factor was high inflation expectations.
It is clarified that society's ideas about the future have an impact on consumption and wage requirements.
As the IMF previously noted, global inflation will peak by the end of 2022.