Authored by Sara Weathers

A recent study by the Federal Reserve Bank of New York shows that 60% of inflation between 2019 and 2021 was due to higher demand from consumers, according to Insurance Journal. The other 40% can be attributed to supply chain issues affecting most industries.

According to Julian di Giovanni, head of climate-risk studies at the New York Fed, without the supply chain issues, inflation still would have risen to 6% instead of 9% at the end of 2021. With the higher inflation rates, businesses should check to ensure that their insurance policies are up to date and that they are still covered even with the higher costs of labor and supplies.

Have questions about how inflation has affected or can affect your business? Our AdvoCap Insurance team is here to help!

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