AEA Home

Document Request

You have requested the following article:

What Drives US Import Price Inflation?

Mary Amiti, Oleg Itskhoki, and David E. Weinstein

AEA Papers and Proceedings. May 2024, Vol. 114, No. : Pages 106-111

What Drives US Import Price Inflation?^†

Mary Amiti¹, Oleg Itskhoki², and David E. Weinstein³

¹Federal Reserve Bank of New York and CEPR (email: [email protected])

²UCLA, NBER, and CEPR (email: [email protected])

³Columbia University, NBER, and CEPR (email: [email protected]).

Abstract

Inflation has risen sharply in many countries since the COVID-19 outbreak, and 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 US import prices until late 2022. Afterward, idiosyncratic US demand shocks started to dominate.

Institutional Administrators or to purchase this paper click here

(Click above to sign-in if you are a pay-per-view customer, an institution administrator, or to login via Athens.)

Document Request

What Drives US Import Price Inflation?†

What Drives US Import Price Inflation?^†