What Caused Inflation in 2022? The Main Explanations
It was the biggest rise in about forty years, with energy up 41.6 percent and food up 10.4 percent.
Video coming soon. The lesson video will appear here once it is published on YouTube.
Check yourself: sample questions
Think about each question, pick what you would answer if you like, then select “Show answer” to see the solution and why. Nothing is graded or sent to us. Example numbers are worked examples, not predictions.
1.By how much were US consumer prices higher in June 2022 than a year earlier?
It was the biggest rise in about forty years, with energy up 41.6 percent and food up 10.4 percent.
2.What does the consumer price index track?
Your own inflation may be higher or lower, depending on what you buy.
3.In the toy market, Marge sells 80 apples and a storm destroys half of them. What can happen to the price?
Two roads, demand and supply, lead to the same sign on the price tag, which makes the split hard to measure.
Full course: 5 more questions for this lesson
The full course unlocks all self-check questions of all 365 lessons, the daily plan, your progress and the printable learning record. Lessons 1 to 7 are completely free.
See the full course Start the free week
Already bought? Open the course on this device
Sources (6)
- Consumer prices up 9.1 percent over the year ended June 2022, largest increase in 40 years (U.S. Bureau of Labor Statistics, TED)
- How Much Do Supply and Demand Drive Inflation? (Adam Shapiro, FRBSF Economic Letter 2022-15, 21.06.2022)
- Why Is U.S. Inflation Higher than in Other Countries? (Jorda, Liu, Nechio, Rivera-Reyes; FRBSF Economic Letter, March 2022)
- What Caused the US Pandemic-Era Inflation? (Ben Bernanke
- FOMC statements, March 16, 2022 and December 14, 2022 (Board of Governors of the Federal Reserve System)
- Eigene Rechnung: Wocheneinkauf
Education only. Not financial advice.