Inflation is on the rise in America, but if price pressures were likely to persist, contrary to the Federal Reserve’s expectations, the data would be painting a different picture, one economist argued Friday.
It shows that most items have moved backward and forward along the horizontal axis, implying that prices have shown little sensitivity to changes in demand, Vernazza explained. And for service sectors hit particuarly hard by the pandemic, including airfares and accommodation, the reopening of the econony has led to only a partial recovery of prices, which are still not back to pre-pandemic levels.
Opinion: Here’s why higher prices for car rentals, airfares and blouses won’t lead to higher inflation
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