Non-monetary inflation
Price growth driven not by the quantity of money but by harvests, tariffs, logistics or a one-off tax change.
How to read the number
A policy rate is powerless against it — a failed harvest is not cured by expensive credit. The regulator steps in only when such a rise starts to unanchor expectations.
When the metric lies
The line between the monetary and non-monetary part is drawn by judgement rather than measurement, which makes it a convenient explanation for any missed forecast.
Also known as: supply-driven inflation