Sparks at Bank - When supply shocks make inflation harder to control Demand forces Demand forces Supply forces Supply forces Total PCE inflation Total PCE inflation Demand forces Demand forces Supply forces Supply forces Total PCE inflation Total PCE inflation 1.672.794.46 1.364.515.88 1.064.635.70 0.964.265.22 0.163.323.48 0.141.521.66 0.270.971.24 0.021.171.19 0.361.541.90 0.361.361.72 0.461.411.87 0.500.871.38 1.210.731.93 1.51-0.361.16 1.63-0.850.78 1.81-0.671.13 1.23-0.590.64 0.940.411.35 0.741.041.77 0.590.791.38 0.610.611.22 0.690.601.30 1.240.321.56 1.470.351.81 1.590.542.13 1.620.512.12 0.830.861.69 0.600.821.42 0.371.031.40 0.201.001.20 0.440.571.02 0.370.741.11 0.460.520.98 0.540.641.18 0.571.041.61 0.801.141.94 0.931.262.19 1.071.222.29 1.101.012.11 1.251.092.34 1.291.072.36 0.911.081.99 1.141.522.67 0.661.261.92 0.210.891.10 0.590.811.39 0.460.821.28 1.031.272.30 1.581.423.00 1.721.373.08 1.510.461.97 1.110.271.38 0.650.190.84 0.530.430.96 0.910.811.72 0.830.641.47 1.200.721.92 1.130.721.85 0.790.821.61 0.961.112.07 0.761.091.85 0.771.061.84 0.910.851.77 0.790.481.27 0.610.340.95 0.980.331.31 1.080.411.50 1.130.441.57 1.460.511.97 0.820.591.41 0.670.881.55 0.621.412.03 0.150.650.80 0.100.110.21 -0.03-0.36-0.39 0.08-0.69-0.62 0.880.441.33 1.060.901.96 1.270.721.99 1.260.571.83 1.280.251.52 1.170.711.88 1.001.432.43 0.881.502.38 0.281.892.17 0.321.511.82 0.360.991.35 0.360.881.23 0.530.471.00 0.720.481.20 0.690.481.16 0.810.561.37 0.710.601.31 0.870.561.42 1.120.811.93 0.950.901.85 0.771.091.86 0.030.930.96 -0.170.860.70 0.120.770.89 0.200.590.79 0.420.661.08 0.350.671.02 0.050.560.62 0.170.790.95 0.510.831.34 0.660.371.03 0.740.271.00 0.730.521.25 0.530.741.270.530.741.27 0.441.281.730.441.281.73 0.451.531.980.451.531.98 0.171.341.510.171.341.51 0.241.171.410.241.171.41 0.161.521.680.161.521.68 0.151.451.600.151.451.60 0.611.301.910.611.301.91 0.291.361.640.291.361.64 -0.960.81-0.15-0.960.81-0.15 -0.460.820.37-0.460.820.37 -0.451.020.57-0.451.020.57 0.300.911.210.300.911.21 2.021.063.082.021.063.08 2.031.403.432.031.403.43 2.221.904.122.221.904.12 2.482.915.382.482.915.38 2.554.016.552.554.016.55 2.453.706.152.453.706.15 2.503.315.812.503.315.81 1.952.694.641.952.694.64 1.641.943.581.641.943.58 1.492.263.741.492.263.74 1.211.883.091.211.883.09 1.391.532.931.391.532.93 1.281.572.861.281.572.86 1.141.292.431.141.292.43 1.291.312.611.291.312.61 1.321.222.541.321.222.54 1.520.361.871.520.361.87 1.590.662.251.590.662.25