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The aftermath of the COVID-19 pandemic saw a surge in inflation around the world, reflecting rapid increases in the demand for goods, strained supply chains, tight labor markets, and sharp hikes in commodity prices exacerbated by the Russian war on Ukraine. As illustrated in figure 1, this inflation surge was synchronized across advanced and emerging economies, not only for total inflation but also for its core component.
Cascaldi-Garcia et al. (2024) studied this question.