Global Inflation Watch

Global inflation remains persistent as a US shelter price surprise and rising energy costs in Europe offset stable core figures. Meanwhile, China's PPI recovery signals it is becoming an inflationary force globally.

Key Takeaways

• 1.US April CPI surprised to the upside, reaching 3.8% y/y, primarily driven by a surge in shelter inflation (rental and OER prices).
• 2.Euro area inflation rose to 3.0% y/y in April, though core inflation eased to 2.2%, indicating that energy is the primary driver while underlying pressures remain contained.
• 3.China is transitioning from a global deflationary force to an inflationary one as PPI inflation increased to 2.8% y/y and is projected to reach 7% by summer.

Table of Contents

• Top down overview
• Country details - US
• Used car prices
• Redent of shelter
• Lodging away from home (hotels etc.)
• Food away from home (restaurants etc.)
• Public transportation (airfares etc.)
• Furniture
• Country details – Euro area
• Country details – China
• Disclosures

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