Fed research reveals biggest culprit behind US inflation spike

Bloomberg/Ana Monteiro/6-21-2023

“A surge in consumer demand spurred bottlenecks in logistics networks, saw transport costs jump and resulted in shortages of goods — big factors in pushing the US inflation rate to a four-decade high in mid-2022.”

USAGOLD note: God forbid the culprit would be the central bank and its wayward money-printing policies. We all knew that logistics added to the problem. A recent study by the San Francisco Fed puts a number on that contribution – 60% of the price surge. One doubts the printing press was taken into account.