A new Federal Reserve report paints a picture of American businesses continuing to be impacted by high inflation and worker shortages, with little prospect for an easing of price pressures in the near future as rising input costs were noted across a range of industries in recent weeks. The Fed’s so-called “Beige Book,” which is based on a survey of businesses across the country between mid-January and Feb. 18, showed overall economic activity expanding at a “modest to moderate” pace, with low inventories and supply chain dislocations dragging down growth. Consumer spending, which accounts for around two-thirds of U.S. economic output, was “generally weaker” compared to the prior reporting period, with a COVID-19 surge partly to blame. Many of the Fed’s 12 districts reported temporary business activity disruptions as a spike in infections during the reporting period led to weaker consumer demand and higher worker absenteeism. Another factor behind softer …