What Drives U.S. Import Price Inflation?

Mary Amiti, Oleg Itskhoki and David Weinstein

No 32133, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: E31 F14 F42 (search for similar items in EconPapers)
Date: 2024-02
New Economics Papers: this item is included in nep-ifn, nep-int and nep-mon
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Journal Article: What Drives US Import Price Inflation? (2024)
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