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9260 Results

On the Wedge Between the PPI and CPI Inflation Indicators

Staff Working Paper 2022-5 Shang-Jin Wei, Yinxi Xie
We find that the CPI and PPI inflation indexes co-moved strongly throughout the late 20th century, but their correlation has fallen substantially since the early 2000s. We offer a structural explanation for this divergence based on the growth of global supply chains since 2000. This finding offers a unique perspective for the future design of optimal monetary policy.
January 26, 2022

Press Conference: Monetary Policy Report – January 2022

Release of the Monetary Policy Report — Press conference by Governor Tiff Macklem and Carolyn Rogers, Senior Deputy Governor (11:00 (ET) approx.).

January 17, 2022

Business Outlook Survey―Fourth Quarter of 2021

In the fourth-quarter Business Outlook Survey, reports of supply chain bottlenecks and labour shortages remain elevated. Firms cited robust growth in demand, although those offering hard-to-distance services still had sales below pre-pandemic levels, even before the Omicron variant began spreading broadly. These factors are resulting in upward pressures on prices over the next year.
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