Can superstars like Beyoncé or Taylor Swift spur inflation?
Some economists think that tours by big acts drive up the consumer-price index
THE SWORN enemies of Europe’s central bankers include Vladimir Putin, covid-19 and, apparently, Beyoncé. All three have recently been blamed for hot inflation, but the American singer seems an unlikely macroeconomic force. Hotel prices surged in Sweden when 46,000 fans flocked to the capital, Stockholm, for the pop star’s tour in May. The country’s consumer-price index hit 9.7% that month, higher than expected. “Beyoncé is responsible,” declared one local economist, as though he had caught her red-handed. Do superstar tours really spur inflation?
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From the July 29th 2023 edition
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