Demand or supply-driven? How firms view inflation right now

Inflation attention and risk

Chart 2a uses NL Analytics indicators of average earnings-call mentions of inflation and mentions that also contain risk or uncertainty language. These indicators are compared with separate news-based narratives and business surveys to assess inflation pressures.

Study coverage

Comparisons of the 2022 and 2026 episodes, with observations through June 2026.

Data and materials

Average matching sentences per call, smoothed over three months