Hale, Galina; Hobijn, Bart; Raina, Rachna - In: FRBSF Economic Letter (2012)
Commodity prices have soared several times in recent years, raising concerns that overall inflation could rise substantially. However, crops, oil, and natural gas make up only about 5% of the cost of U.S. consumer goods and services. Thus, about one percentage point of the 10% cumulative...