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The Bloomberg survey mirrors new estimates by the OECD, which sees higher inflation in the U.S. and other major economies.

For the U.S., the OECD expects inflation to jump to 4.2% this year, from 2.6% last year. Its price outlook is 1.2 percentage points higher than in December.

Economists are monitoring both the inflationary and demand impacts from soaring prices of gasoline, diesel and other petroleum products. 

The U.S. economy, hobbled by last fall’s 43-day government shutdown, advanced at an unexpectedly sluggish 0.7% annual rate from October through December, the Commerce Department reported.

A downturn in government and consumer spending contributed to the slowdown in fourth-quarter growth, the government said. Consumer spending rose just 2.2%.

GDP rose at a 4.4% annual pace in the third quarter, the Commerce Department reported Jan. 22, up from 3.8% in the April-June quarter and from the 4.3% growth the department initially estimated.

U.S. GDP from July through September — the economy’s total output of goods and services — rose from its 3.8% growth rate in the April-June quarter, the Commerce Department said Dec. 23.

The Commerce Department had previously estimated second-quarter growth at 3.3%.

The first-quarter GDP drop, the first retreat of the U.S. economy in three years, was caused by a surge in imports as businesses scrambled to bring in foreign goods ahead of Trump’s tariffs.

American gross domestic product — the nation’s output of goods and services — rebounded after falling at a 0.5% clip from January through March, the Commerce Department reported July 30.