Inflation: Housing, not Supply Chains

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Inflation: Housing, not Supply Chains

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Tani Fukui
OCT 19, 2021

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Although headline inflation remained high in September at 5.4% year over year,1 there are important compositional changes happening below the headline that show a change in the main drivers of inflation. The source of the changes may lead to longer-run elevated inflation that could outlast current supply chain disruptions.