What Drives U.S. Import Price Inflation? / Mary Amiti, Oleg Itskhoki, David Weinstein.

Format:

Book

Author/Creator:

Amiti, Mary.

Contributor:

National Bureau of Economic Research.

Itskhoki, Oleg.

Weinstein, David.

Series:

Working Paper Series (National Bureau of Economic Research) no. w32133.

NBER working paper series no. w32133

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2024.

Summary:

Inflation has risen sharply in many countries since the COVID-19 outbreak. Economists have debated the underlying causes. In this paper, we examine the drivers of the global import price inflation, which peaked at approximately 11 percent a year. We find that a common global component closely tracks movements in aggregate U.S. import prices until late 2022. Afterward, idiosyncratic U.S. demand shocks started to dominate.

Notes:

Print version record

February 2024.