A Deutsche Bank study led by Chief U.S. Economist Matthew Luzzetti indicates that artificial intelligence could increase inflation in the short term. The research, released on March 30, involved testing three major AI systems: Deutsche Bank’s dbLumina, OpenAI’s ChatGPT-5.2, and Anthropic’s Claude Opus 4.6. Contrary to the market consensus that AI would reduce inflation, all models predicted a negligible impact on inflation over the next year, with a higher likelihood of AI contributing to inflationary pressures. The study found that dbLumina estimated a 40% probability of AI increasing inflation, compared to a 5% chance of significantly reducing it. Similarly, Claude Opus 4.6 and ChatGPT-5.2 assigned probabilities of 25% and 20% for inflation increase, respectively, with only 5% for reduction. The primary factors cited were the AI investment boom, including the expansion of data centers, increased semiconductor demand, and rising electricity consumption.