A New York Fed economist says 60% of inflation was driven by demand for goods, and 40% was from supply-side issues that magnified that higher demand.
A record-high percentage of firms are facing supply shortages, the National Association for Business Economics found, and most are passing cost increases om to customers.
China’s COVID-19 lockdowns, which shut down much of the country’s manufacturing and exports, are partly to blame.
It could put extra pressure on global shipping and force companies to raise prices.
About 20 million people are in lockdown under China's zero-COVID policy, and economic disruptions may be ahead.
But a few unique factors are driving up prices in the United States.
For some businesses, the answer is no, but it depends on the value of the product in question.
Energy problems, supply chain woes and a shaky real estate sector are slowing down Chinese GDP growth.
Increased demand for imported goods — and more treacherous weather — are among the reasons.