The recent surge in inflation is likely to get worse over the next several months, according to a survey Friday.

There were some encouraging economic developments this week that millions of Americans likely warmly welcomed. The unemployment rate in January, for example, declined to 4.3% as employers added more than 100,000 jobs, a Wednesday report revealed.

The U.S. Federal Reserve will avoid cutting interest rates this year, according to most economists polled by Reuters who largely pushed long-held calls for reductions into next year on hopes the current inflation flare-up is temporary.

Inflation is a gradual loss of purchasing power that is reflected in a broad rise in prices for goods and services over time. The inflation rate is calculated as the average price increase of a basket of selected goods and services over one year.

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