Rising Oil Prices Don’t Cause Inflation
acting-man.com / Frank Shostak / May 11, 2017
Correlation vs. Causation
A very good visual correlation between the yearly percentage change in the consumer price index (CPI) and the yearly percentage change in the price of oil seems to provide support to the popular thinking that future changes in price inflation in the US are likely to be set by the yearly growth rate in the price of oil (see first chart below).
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But is it valid to suggest that a price of an important input such as oil is a key determinant of the prices of goods and services? It is true that producers of goods and services set asking prices. It is also true that producers, while setting prices, take into account various production costs including the cost of energy.
The post Rising Oil Prices Don’t Cause Inflation appeared first on Silver For The People.
Source: http://silveristhenew.com/2017/05/11/rising-oil-prices-dont-cause-inflation/
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