The Globe and Mail reports in its Tuesday, May 14, edition that Federal Reserve Bank of San Francisco says corporate price gouging is not a big driver of U.S. inflation. A Reuters dispatch to The Globe reports that while markups for cars and oil products did rise during the 2021-2022 inflation surge, markups across the entire spectrum of U.S. goods and services have been relatively flat. The Fed says rising markups have not been a main driver of the recent surge and subsequent decline in inflation. Inflation by the Fed's targeted measure peaked at 7.1 per cent in June, 2022, and has since fallen, registering 2.7 per cent in March. The Fed says the inflation surge can be better explained by the combined effect of supply chain disruptions and a drop in labour supply during the recovery after COVID-19 restrictions. It attributes the recent easing in inflation to healing supply chains and a rise in immigration that has added to the supply of workers, along with cooling demand amid higher borrowing costs. Fed policy-makers did not refer the colloquial term "greedflation," but their work was a clear rebuttal of the theory that corporate profiteering has been the main cause of higher prices.