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Global factors drive inflation surge, US leads Europe in spillover effects.
The study looked at what causes inflation to rise in Europe and the United States. They found that global factors, like expectations and uncertainty, are the main drivers of inflation right now. Energy markets and money growth also play a role, but not as much. The researchers also discovered that inflation in the US affects Europe, but not the other way around. To deal with rising inflation, a combined effort from both fiscal and monetary policies is the best approach.
