Pandemic inflation fuelled by food and energy prices – BoJ study

Inflation in Japan and US driven by similar product market shocks, research finds

Japanese markets and currency

Inflation in Japan during the pandemic was mainly driven by spikes in food and energy prices rather than a tight labour market, according to a study by the central bank.

The Bank of Japan (BoJ) working paper analysed the sources of the relatively high levels of inflation since 2020. The authors – Koji Nakamura, Shogo Nakano, Mitsuhiro Osada and Hiroki Yamamoto – used a model proposed by former US Federal Reserve chairman Ben Bernanke and French economist Olivier Blanchard.

The study is part of a

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