What Drives US Import Price Inflation?

Mary Amiti, Oleg Itskhoki and David E. Weinstein

AEA Papers and Proceedings, 2024, vol. 114, 106-11

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.

JEL-codes: E31 F14 I12 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1257/pandp.20241098

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