What Drives U.S. Import Price Inflation?
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.
-
-
Copy CitationMary Amiti, Oleg Itskhoki, and David Weinstein, "What Drives U.S. Import Price Inflation?," NBER Working Paper 32133 (2024), https://doi.org/10.3386/w32133.Download Citation
Non-Technical Summaries
- Increases in the prices of imported goods contributed to the overall rise in the US inflation rate during the COVID-19 pandemic. Mary Amiti...
Published Versions
Mary Amiti & Oleg Itskhoki & David E. Weinstein, 2024. "What Drives US Import Price Inflation?," AEA Papers and Proceedings, American Economic Association, vol. 114, pages 106-111, May, DOI: 10.1257/pandp.20241098. citation courtesy of 
Related
More from the NBER
In addition to working papers, the NBER disseminates affiliates’ latest findings through a range of free periodicals — the NBER Reporter, the NBER Digest, the Bulletin on Health, and the Bulletin on Entrepreneurship — as well as online conference reports, video lectures, and interviews.
