What Is Driving U.S. Inflation amid a Global Inflation Surge?

Bart Hobijn, Russell Miles, James Royal and Jing Zhang

Chicago Fed Letter, 2022, No 470

Abstract: In June 2022, the 12-month inflation rate of the U.S. Consumer Price Index (CPI) hit 9.1%, its highest level in over 40 years. The U.S. is not alone: Across the industrialized world, inflation is accelerating during the recovery from the pandemic recession. Although inflation is surging globally, the sources of inflation are different in each country.

Date: 2022
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