Is Inflation in 2024 Fueled by Supply or Demand?

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Is Inflation in 2024 Fueled by Supply or Demand?

Inflation picked up in October, but remains more or less on track. The Personal Consumption Expenditures Price Index (PCEPI), which is the Federal Reserve’s preferred measure of inflation, grew at a continuously compounding annual rate of 2.9 percent in October 2024. It has grown at an annualized rate of 2.1 percent over the last three months and 2.3 percent over the last year. Core PCEPI inflation, which excludes volatile food and energy prices…