In the case of consumer goods, these developments have directly held down the rate of increase of the imported-goods component of the consumer price index (CPI) and, thus, the rate of increase of the overall index; this direct effect on CPI inflation has risen over time as the import share of household spending has increased.
“The Economic Outlook and Monetary Policy,” speech delivered at the Economic Club of Washington, Washington, December 2. Zarutskie, Rebecca, and Tiantian Yang (forthcoming). “How Did Young Firms Fare during the Great Recession? Evidence from the Kauffman Firm Survey,” in John Haltiwanger, Erik Hurst, Javier Miranda, and Antoinette Schoar, eds., Measuring Entrepreneurial Businesses: Current Knowledge and Challenges. NBER Book Series Studies in Income and Wealth.