While inflation is more pronounced in the USA at roughly 8%, it’s now over 5% in 58% of advanced economies, and over 7% in 55% of emerging economies. Even excluding energy, inflation has increased widely. This suggests that both rounds of massive US fiscal stimulus are probably responsible for, at most, three percentage points of the inflation rate rise, with the second round responsible for, at most, two percentage points. (Source: Dr. Elliot Eisenberg, the Bowtie Economist).

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