From the Document: "As measured by the Consumer Price Index [hyperlink] (CPI), published by the Bureau of Labor Statistics (BLS), inflation has increased relatively quickly throughout 2021. In October 2021, CPI inflation was 6.2% (measured by the percent change from October 2020), significantly higher than the sub 2% inflation that had become commonplace since the 2008 financial crisis. There are several reasons this could be occurring, and some have pointed to the labor market as an explanation. This Insight discusses the theoretical connection between the state of the labor market and inflation, recent trends in the labor market, and the dynamics between current labor market conditions and rising inflation in the economy."
CRS Insight, IN11711
Congressional Research Service: https://crsreports.congress.gov/