AI is driving up consumer prices. That won't stop anytime soon, experts say.

TL;DR

Corporate spending on AI is increasing consumer prices, counteracting inflation control efforts.
High demand for computing power and semiconductors drives up costs for electronics like smartphones and computers.
AI's energy consumption strains the grid, leading to higher utility bills for consumers.
Inflation in information technology commodities rose significantly in July.
Businesses are passing on increased component costs to consumers.
Paid generative AI tools are also contributing to rising consumer tech spending.
Economists predict AI-related inflationary pressures will continue for at least two years.
Long-term, AI is expected to reduce prices by boosting business productivity and efficiency.

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