commodity price shocks. Both approaches deliver similar conclusions. Specifically, an unfavorable food commodity market shock … raises food commodity prices, and leads to a rise in food, energy and core inflation, and to a persistent fall in real GDP …

overshooting their new equilibrium values in response to a money supply shock, and the deviation of commodity prices from their … equilibrium values having explanatory power for subsequent consumer price inflation …

The past years were characterized by unprecedented rises in prices of commodities such as oil or wheat and inflation … indicate future CPI inflation and if they can be used as indicator variables for central banks or not. We apply various … strong link between commodity prices and CPI inflation in the 1970s and the beginning of the 1980s. For a more recent sample …

particular, we find that commodity price shocks explain a large share of cyclical movements in inflation. Neutral technology …