{"title":"What Drives U.S. Import Price Inflation?","authors":"M. Amiti, Oleg Itskhoki, David E. Weinstein","doi":"10.2139/ssrn.4722974","DOIUrl":null,"url":null,"abstract":"Inflation has risen sharply in many countries since the COVID-19 outbreak, and 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 US import prices until late 2022. Afterward, idiosyncratic US demand shocks started to dominate.","PeriodicalId":507782,"journal":{"name":"SSRN Electronic Journal","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"SSRN Electronic Journal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.4722974","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
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Abstract
Inflation has risen sharply in many countries since the COVID-19 outbreak, and 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 US import prices until late 2022. Afterward, idiosyncratic US demand shocks started to dominate.
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