Spike in US headline inflation is temporary: San Francisco Fed paper
A research note published in the San Francisco Federal Reserve research newsletter concludes that headline inflation in the United States will converge with core inflation once the effects of higher food and energy prices subside.
Recent surges in food and energy prices have pushed up headline inflation in the US to levels well above its underlying trend. In contrast, core inflation, which excludes food and energy prices, has remained low and stable.
Authors Zheng Liu and Justin Weidner use a
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