Commodity prices played a critical role in the surge and decline of inflation since 2020. This column studies the relationship between commodity prices, consumer prices, and the business cycle for 15 economies in the years prior to World War I. It finds a strong positive relationship between inflation and commodity prices, even when focusing on commodities that are unlikely to have been in the consumer basket. Demand-induced increases in commodity prices, linked to the global business cycle,

Tag-uri: Inflatie