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How Persistent Is Inflation?

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Abstract

As inflation has risen during the past year, it is natural to ask: "How long will this period of high inflation last?" This question is important to households and firms forming expectations about the future, as well as policymakers deciding what actions to take against rising prices. In this Economic Brief, we provide a framework for thinking about inflation and conduct an analysis concerning the persistence of contemporaneous shocks that move price levels. In recent decades, the persistence of inflation has been low, especially when compared to the high inflation of the late 1970s and early 1980s.

Suggested Citation

  • Conner Mulloy & John O'Trakoun & Pierre-Daniel G. Sarte, 2022. "How Persistent Is Inflation?," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, vol. 22(31), August.
    • Handle: RePEc:fip:fedreb:94658
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    File URL: https://www.richmondfed.org/publications/research/economic_brief/2022/eb_22-31
    File Function: Briefing
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