Supply shocks and core consumer price index (CPI) inflation have moved together during the recovery from the 2020 recession
Chart: Center for American Progress. Sources: Gianluca Benigno and others, "Global Supply Chain Pressure Index: March 2022 Update," March 3, 2022, Federal Reserve Bank of New York, available at https://libertystreeteconomics.newyorkfed.org/2022/03/global-supply-chain-pressure-index-march-2022-update/; U.S. Bureau of Labor Statistics data in Federal Reserve Bank of St. Louis, "Consumer Price Index for All Urban Consumers: All Items Less Food and Energy in U.S. City Average," available at https://fred.stlouisfed.org/series/CPIAUCSL (last accessed August 2022).