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Monitoring the Inflationary Effects of COVID-19

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Abstract

Inflation fell dramatically following the onset of the COVID-19 pandemic. Dividing the underlying price data according to spending category reveals that a majority of the drop in core personal consumption expenditures inflation comes from a large decline in consumer demand. This demand effect far outweighs upward price pressure from COVID-related supply constraints. A new monthly data page from the San Francisco Fed tracks how sensitivity to the economic disruptions of COVID-19 affects different categories of inflation over time.

Suggested Citation

  • Adam Hale Shapiro, 2020. "Monitoring the Inflationary Effects of COVID-19," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2020(24), pages 01-06, August.
  • Handle: RePEc:fip:fedfel:88627
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    File URL: https://www.frbsf.org/economic-research/files/el2020-24.pdf
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    Cited by:

    1. Seržantė Milena & Pakalka Algimantas, 2022. "Assessment of the Impact of COVID-19 Pandemic on the Service Sector in Lithuania," Economics and Culture, Sciendo, vol. 19(2), pages 57-69, December.
    2. Xu, Yingying & Lien, Donald, 2022. "Assessing the impact of COVID-19 on price Co-movements in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 79(C).

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    Keywords

    inflation; covid-19;

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