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Economic Viewpoint

Is Higher Inflation Widespread in the United States?

November 12, 2021
Francis Généreux
Principal Economist

The 12‑month increase in the U.S. consumer price index (CPI) recently reached rates not seen since the summer of 1990. Inflation is now more than the triple of the Federal Reserve’s (Fed) traditional target of 2%, and more than 85% of the basket of goods and services shows an increase above this rate. The disruptions caused by the pandemic are clearly at the root of the higher inflation. Factors like the pressure on the cost of housing and on wages threaten to make the price surge more persistent.

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