Inflation is both a demand and supply phenomenon: Decomposition of core inflation into demand-and supply-driven contributions, by month, 2017–2022

Demand-driven inflation  Ambiguous  Supply-driven inflation 
Jan 2017 0.409999996% 0.569999993% 0.930000007%
Feb 2017 0.340000004 0.560000002 1
Mar 2017 0.340000004 0.5 0.870000005
Apr 2017 0.360000014 0.479999989 0.879999995
May 2017 0.389999986 0.400000006 0.879999995
Jun 2017 0.400000006 0.400000006 0.920000017
Jul 2017 0.400000006 0.340000004 0.870000005
Aug 2017 0.439999998 0.310000002 0.779999971
Sep 2017 0.479999989 0.430000007 0.649999976
Oct 2017 0.469999999 0.400000006 0.810000002
Nov 2017 0.550000012 0.419999987 0.74000001
Dec 2017 0.649999976 0.330000013 0.74000001
Jan 2018 0.629999995 0.319999993 0.819999993
Feb 2018 0.689999998 0.319999993 0.779999971
Mar 2018 0.670000017 0.360000014 1.039999962
Apr 2018 0.699999988 0.349999994 0.939999998
May 2018 0.779999971 0.360000014 0.949999988
Jun 2018 0.75999999 0.370000005 0.910000026
Jul 2018 0.819999993 0.379999995 0.910000026
Aug 2018 0.75999999 0.389999986 0.870000005
Sep 2018 0.74000001 0.349999994 1
Oct 2018 0.75999999 0.349999994 0.850000024
Nov 2018 0.790000021 0.289999992 0.99000001
Dec 2018 0.560000002 0.289999992 1.230000019
Jan 2019 0.540000021 0.300000012 1.049999952
Feb 2019 0.49000001 0.270000011 0.970000029
Mar 2019 0.610000014 0.270000011 0.75999999
Apr 2019 0.639999986 0.310000002 0.790000021
May 2019 0.540000021 0.270000011 0.839999974
Jun 2019 0.519999981 0.280000001 0.959999979
Jul 2019 0.560000002 0.270000011 0.939999998
Aug 2019 0.629999995 0.200000003 1.019999981
Sep 2019 0.629999995 0.200000003 0.870000005
Oct 2019 0.589999974 0.159999996 0.959999979
Nov 2019 0.589999974 0.180000007 0.790000021
Dec 2019 0.75999999 0.189999998 0.660000026
Jan 2020 0.769999981 0.180000007 0.769999981
Feb 2020 0.720000029 0.200000003 0.910000026
Mar 2020 0.379999995 0.200000003 1.00999999
Apr 2020 -0.01 0.159999996 0.699999988
May 2020 -0.01 0.189999998 0.680000007
Jun 2020 -0.050000001 0.270000011 0.639999986
Jul 2020 0.02 0.319999993 0.720000029
Aug 2020 0.039999999 0.469999999 0.779999971
Sep 2020 0.170000002 0.5 0.74000001
Oct 2020 0.109999999 0.600000024 0.600000024
Nov 2020 0.07 0.600000024 0.649999976
Dec 2020 0.090000004 0.769999981 0.569999993
Jan 2021 0.219999999 0.769999981 0.560000002
Feb 2021 0.209999993 0.939999998 0.409999996
Mar 2021 0.709999979 1.029999971 0.370000005
Apr 2021 1.200000048 1.110000014 0.910000026
May 2021 1.49000001 1.159999967 1
Jun 2021 1.5 1.120000005 1.330000043
Jul 2021 1.49000001 1.070000052 1.440000057
Aug 2021 1.49000001 0.930000007 1.580000043
Sep 2021 1.340000033 0.949999988 1.74000001
Oct 2021 1.600000024 0.970000029 1.830000043
Nov 2021 1.629999995 1.179999948 2.069999933
Dec 2021 1.620000005 1.120000005 2.339999914
Jan 2022 1.5 1.190000057 2.529999971
Feb 2022 1.700000048 1.100000024 2.599999905
Mar 2022 1.659999967 0.99000001 2.690000057
Apr 2022 1.570000052 0.949999988 2.470000029
May 2022 1.450000048 0.939999998 2.450000048
Jun 2022 1.639999986 1.070000052 2.25999999
Jul 2022 1.629999995 1.090000033 1.909999967
Aug 2022 1.75 1.200000048 1.899999976
Sep 2022 1.970000029 1.210000038 1.919999957
Oct 2022 1.879999995 1.299999952 1.730000019

Note: Decomposition based on work of Shapiro (2022). 

Source: “Supply and Demand Driven PCE Inflation” page from the San Francisco Federal Reserve Bank (2022). 

View the underlying data on epi.org.