The return of inflation poses a challenge for central banks

Inflation has risen sharply since 2021 in most economies. At first, higher inflation was concentrated in a few sectors, reflecting supply bottlenecks, rising energy prices and expansionary policies to support households and businesses during the Covid-19 pandemic. But inflation has since broadened, prompting concerns that it could become entrenched and setting off a round of global monetary policy tightening.

This page gathers relevant research, speeches and other material produced by the BIS and its stakeholders on the underlying causes of inflation and the implications for policymakers and the global economy.