Media outlets forecasted a grim March inflation report following a 40-year-high in February as numbers are set to be released Tuesday.
"Get ready for a nasty inflation report," Axios reported Monday. The report said that the March inflation report "looks to be a doozy." Multiple media outlets and commentators predicted the same unfavorable outcome.
Inflation is predicted to have hit 8.4% over the last year in March, which is an increase from 7.9% in February. If inflation hits 8.4%, it would be the highest since December 1981, according to Axios.
A U.S. News headline said the inflation number was "likely to be ugly."
"March may prove to be the high-water mark for U.S. inflation," a Bloomberg report said. CNBC reported Monday that inflation was hitting voters in the South the hardest and that many of them would be voting in the midterm elections in the fall.
"Inflation is particularly bad in Tampa, Florida, Miami and Atlanta where consumer prices have jumped by an average of 9.6%, 9.8% and a whopping 10.6%, respectively, over the last year," the piece said.
"By the way Joe, talking about ugly, I think that inflation report tomorrow, 8.4 [percent] is the consensus, and who knows, it could be higher than that." Steve Liesman, a CNBC anchor, said on "Squawk Box" Monday morning.
Host Joe Kernen said the report was likely to "crystalize the tough job the Fed has in front of it."
A CBS News/YouGov poll published Sunday found that 86% of respondents who said the economy was bad said it was due to inflation, and 82% said it was because of gas prices.
Inflation fears among Americans have hit an 11-year-high, according to a Federal Reserve Bank of New York survey published Monday. The median expectation, according to the survey, is that inflation will be up 6.6% a year from now.