Demand driving fall in US inflation – San Francisco paper

san francisco fed

The majority of the recent decline in US core inflation can be explained by a strong fall in demand, research published by the Federal Reserve Bank of San Francisco finds.

Core inflation fell from 1.9% in February to 0.9% in April, its lowest level since 2010.

Adam Shapiro examines the pandemic’s impact on inflation by dividing core personal consumption expenditures (PCE) price index into “Covid-sensitive” and “Covid-insensitive” groups.  He then studies the separate roles of supply and demand

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