Volatile commodities inflation during the recovery from the 2020 recession reflects demand shifts and supply shocks

Monthly commodities and services inflation, annual rate of change, 2018–2022

Source: U.S. Bureau of Labor Statistics data in Federal Reserve Bank of St. Louis (FRED), "Consumer Price Index for All Urban Consumers: Commodities Less Food and Energy Commodities in U.S. City Average," available at https://fred.stlouisfed.org/series/CUSR0000SACL1E (last accessed August 2022); U.S. Bureau of Labor Statistics data in FRED, "Consumer Price Index for All Urban Consumers: Services Less Energy Services in U.S. City Average," available at https://fred.stlouisfed.org/series/CUSR0000SASLE (last accessed August 2022).