Commodities have small impact on US inflation
The effects of crop and energy price movements on US inflation are smaller than commonly thought, finds a new paper from the New York Federal Reserve.
The research shows that slightly less than half of the growth in the personal consumption expenditures index of US inflation from June 2006 to June 2008, and just less than a third of the growth in the core index, which excludes food and fuel, can be attributed to escalating crop and energy prices.
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