AI is raising prices for Americans – and not just electricity bills.
Major technological innovations carry the potential to transform economies by creating opportunities, jobs and even new industries while supercharging productivity and growth.
However, that promise of longer-term gains often is preceded by short- and medium-term pain.
In the case of artificial intelligence, that has included job losses, slower wage growth, widening wealth inequity and, especially in recent months, higher inflation.
Recent data shows that the gargantuan interest and investment in AI adoption (estimated to be around $750 billion for this year alone) have pushed a variety of prices higher, lifting overall inflation in the process.
