An important caveat to the conclusion that exchange rate pass-through to consumer price inflation is now very low is that the empirical evidence on which it rests is mainly unconditional in nature. In other words, it reflects the average outcome across a range of different episodes but does not tell us how the relationship may vary depending on which shocks hit the economy.
Recent immigrants from many countries are with us here: from Ethiopia, Russia, Ukraine, Belarus, Lithuania, Moldova, Bulgaria, Kazakhstan, Turkmenistan, Azerbaijan, Uzbekistan, Iran, Australia, the UK, Germany, France, the U.S., Argentina, Uruguay, and Brazil. I, too, am an ‘oleh.