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Do commodity prices signal inflation?

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  • Owen F. Humpage

Abstract

Do the rising commodity prices we have seen in recent years reflect basic supply-and-demand developments in various commodity markets, or are they the fi rst signs of inflation? In practice, it?s not always easy to tell the difference - for the public or policymakers - but fundamentally different they are. Central banks can do nothing about relative commodity price pressures, since central banks do not produce commodities. Likewise, commodity-price shocks do not impair the ability of central banks to control inflation in principle, but they can greatly complicate the task.

Suggested Citation

  • Owen F. Humpage, 2011. "Do commodity prices signal inflation?," Economic Commentary, Federal Reserve Bank of Cleveland, issue May.
    • Handle: RePEc:fip:fedcec:y:2011:i:may24:n:2011-8
    DOI: 10.26509/frbc-ec-201108
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    Keywords

    Inflation (Finance); Prices;

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