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High Import Prices along the Global Supply Chain Feed Through to U.S. Domestic Prices

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Abstract

The prices of U.S. imported goods, excluding fuel, have increased by 6 percent since the onset of the COVID-19 pandemic in February 2020. Around half of this increase is due to the substantial rise in the prices of imported industrial supplies, up nearly 30 percent. In this post, we consider the implications of the increase in import prices on U.S. industry inflation rates. In particular, we highlight how rising prices of imported intermediate inputs, like industrial supplies, can have amplified effects through the U.S. economy by increasing the production cost of goods that rely heavily on these inputs.

Suggested Citation

  • Mary Amiti & Sebastian Heise & Aidan Wang, 2021. "High Import Prices along the Global Supply Chain Feed Through to U.S. Domestic Prices," Liberty Street Economics 20211108, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:93322
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    File URL: https://libertystreeteconomics.newyorkfed.org/2021/11/high-import-prices-along-the-global-supply-chain-feed-through-to-u-s-domestic-prices/
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    Cited by:

    1. Jose Pulido, 2022. "Pandemic-induced increases in container freight rates: Assessing their domestic effects in a globalized world," IHEID Working Papers 24-2022, Economics Section, The Graduate Institute of International Studies.

    More about this item

    Keywords

    inflation; import prices; inputs; supply chains;
    All these keywords.

    JEL classification:

    • F0 - International Economics - - General
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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