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Jonathan explores the roles of wages, profits, and the terms of trade in understanding inflation. Using national income accounting concepts and data, he provide a breakdown of inflation in the UK, US and Euro Area up to the end of 2022. He offers some technical advice on how to interpret the role of capital income, including profits, in national income accounting data. He concludes with some views on UK monetary policy.
What’s driving inflation: wages, profits, or energy prices?
