NPR.

This is the Integrated from Planet Money.

I'm Darien Woods.

And I'm Patty Hirsch.

Inflation is behaving like a stubborn cartoon donkey right now, digging its hooves in and

refusing to budge.

We heard yesterday that consumer prices rose a little compared to last month, which means

if anything, the donkey's getting one over on its owner, pulling us a wee bit off

balance.

And meanwhile, the Federal Open Market Committee is getting ready to make a decision on whether

or not to raise rates again, and the economics world is abuzz with the opinion on this matter.

Yes, some say the Fed needs to keep paying attention to the demand side of the economics

equation, and that its aggressive rate increases have done a good job of taking the heat out

of the economy so far.

But there's a growing chorus of opinion that it's not the demand side of things that's been

driving the fall in inflation.

The Roosevelt Institute released a piece of research last week with the provocative

headline, Supply Side Expansion has driven the decline in inflation.

What does that mean?

Yes, it's a very catchy and a translation of this is that it's not the rising interest

rates that's been bringing inflation lower, it's just improved levels of supply.

What?

...