In this episode of The Inflation Brief from ECON-versations with NABE, hosts Greg Daco and Laura Rosner-Warburton break down the latest inflation data and the forces continuing to shape the price outlook across the U.S. economy.

The conversation examines the lingering effects of the ongoing oil shock, with energy prices accounting for a significant share of recent CPI increases, alongside rising food and transportation costs. Greg and Laura explore how tariffs are still filtering through different sectors of the economy—from motor vehicles to household furnishings—and discuss why some inflation pressures may be fading while new ones continue to emerge.

They also dive into the growing impact of the AI investment boom on producer prices, including bottlenecks in semiconductors, memory, and data storage, and what those supply-side strains could mean for inflation going forward. The discussion further touches on shelter inflation measurement challenges tied to the government shutdown, as well as the increasingly difficult balancing act facing the Federal Reserve amid persistent inflation and slowing real wage growth.

Tune in for an insightful conversation on the evolving drivers of inflation, the risks of overlapping supply shocks, and what today’s data could signal for monetary policy and the broader economic outlook.

NABE is the premier professional association for business economists and others who use economics in the workplace. Since 1959, NABE has attracted the most prominent figures in economics, business, and academia to its membership with highly-regarded conferences, educational and career development offerings, industry surveys, and its unrivaled networking opportunities. Past presidents of NABE include former Chairman of the Board of Governors for the Federal Reserve System, Alan Greenspan, several former Federal Reserve Governors, and other senior business leaders.