Beige Book: Somewhat Hawkish For Difficulty Passing On Costs

Breaking down the summary excerpt on prices:

• "Inflationary pressures remained widespread, though price increases moderated in many Districts. Several Districts reported input costs rose further, particularly for energy and raw materials, though there was some relief reported for freight and shipping costs." The latter is consistent with the significant shift lower in the NY Fed's GSCPI to pre-pandemic levels.
• "Some Districts noted that firms were finding it more difficult to pass on cost increases to their consumers." This is a somewhat hawkish change compared to the "many" retailers noting difficulty in the Jan Beige Book.
• "Selling prices increased moderately in most Districts, with several Districts noting a deceleration."