Briefing
How Broad-Based Is the Recent High Inflation?
Wolman, Alexander L. (2021-09)
PCE inflation has been high from March through July. Much commentary has emphasized the contributions of a few extremely large price increases. This Economic Brief provides graphical descriptions of the recent contributions of large price increases to inflation. We then evaluate those recent contributions against their behavior over the last 25 years of low and stable inflation. We find that inflation has been somewhat higher than what one would have predicted based on the past relationship between the contributions of the largest price increases and inflation.
Richmond Fed Economic Brief , Volume 21 , Issue 30

Journal Article
How Quickly Do Prices Respond to Monetary Policy?
Bengali, Leila; Arnaut-Hull, Zoë (2024-04-08)
With inflation still above the Federal Reserve’s 2% objective, there is renewed interest in understanding how quickly federal funds rate hikes typically affect inflation. Beyond monetary policy’s well-known lagged effect on the economy overall, new analysis highlights that not all prices respond with the same strength or speed. Results suggest that inflation for the most responsive categories of goods and services has come down substantially from recent highs, likely due in part to more restrictive monetary policy. As a result, the contributions of these categories to overall inflation ...
FRBSF Economic Letter , Volume 2024 , Issue 10 , Pages 5