Richmond Fed, Report: How Much Do Labor Costs Affect Prices in Recessions and in Expansions? 

“In this article, we presented recent research analyzing the role of labor costs in determining the price level. Not counting the current episode, inflation has risen much more slowly during the expansions since 2000. This pattern is associated with a slowdown in core goods inflation, which may have slowed because higher wages do not pass through to higher prices as strongly as a few decades ago. The current inflationary episode, however, does feature a strong rise in core goods inflation, which suggests that the wage-price pass-through may have regained its strength.”