Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/242892 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
IFS Working Paper No. W20/33
Verlag: 
Institute for Fiscal Studies (IFS), London
Zusammenfassung: 
We use real-time scanner data in Great Britain during the COVID-19 pandemic to investigate the drivers of the inflationary spike at the beginning of lockdown and to quantify the impact of high-frequency changes in shopping behaviours and promotions on inflation measurement. Although changes in product-level expenditure shares were unusually high during lockdown, we find that the induced bias in price indices that do not account for expenditure switching is not larger than in prior years. We also document substantial consumer switching towards online shopping and across retailers, but show this was not a key driver of the inflationary spike. In contrast, a reduction in price and quantity promotions was key to driving higher inflation, and lower use of promotions by low-income consumers explains why they experienced moderately lower inflation. Overall, changes in shopping behaviours played only a minor role in driving higher inflation during lockdown; higher prices were the main cause, in particular through a reduced frequency of promotions.
Schlagwörter: 
inflation
Great Lockdown
JEL: 
D12
E31
I30
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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