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What Is Driving U.S. Inflation amid a Global Inflation Surge?

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In June 2022, the 12-month inflation rate of the U.S. Consumer Price Index (CPI) hit 9.1%, its highest level in over 40 years. The U.S. is not alone: Across the industrialized world, inflation is accelerating during the recovery from the pandemic recession. Although inflation is surging globally, the sources of inflation are different in each country.

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  • Bart Hobijn & Russell Miles & James Royal & Jing Zhang, 2022. "What Is Driving U.S. Inflation amid a Global Inflation Surge?," Chicago Fed Letter, Federal Reserve Bank of Chicago, August.
    • Handle: RePEc:fip:fedhle:94682
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    File URL: https://www.chicagofed.org/publications/chicago-fed-letter/2022/470
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