The Brexit Price Spike

Neil Gerstein, Bart Hobijn, Fernanda Nechio and Adam Shapiro

FRBSF Economic Letter, 2019

Abstract: In June 2016, citizens of the United Kingdom voted to leave the European Union by a small majority. This looming departure became known as ?Brexit.? As a consequence of the Brexit referendum, the British pound depreciated sharply, and overall inflation ramped up in the following months. Comparing price movements between tradable and nontradable goods shows that close to two-thirds of the inflation spike in the United Kingdom since the Brexit vote can be attributed to the sharp movement in the exchange rate.

Date: 2019
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