G10 Inflation Monitor

Latest edition · August 28, 2026

G10 Inflation Monitor Monthly GS Trimmed Core Ticks Up Outside of Japan

Goldman Sachs' July G10 Inflation Monitor shows sequential trimmed core inflation ticking up across the US, UK, Euro area, and Canada, while declining in Japan. July core inflation surprised to the upside across most DMs, driven by services strength and specific component price pressures.

In July 2026, Goldman Sachs' monthly trimmed core inflation measures accelerated in the UK (4.1%), US (2.2%), Euro area (2.1%), and Canada (2.1%), but declined in Japan (1.8%). On a 3-month annualized basis, trimmed core accelerated in all covered regions except the Euro area. July core inflation surprised to the upside across most DMs outside Japan, driven by air transport and healthcare in the US and firm core inflation in France and Italy. Goldman Sachs expects end-2026 Q4/Q4 core inflation of 2.9% in the UK, 2.6% in the Euro area, 2.5% in Japan, 2.2% in Canada, and US core PCE slowing to 3.0%.

Key takeaways from the latest edition

• 1.July sequential trimmed core inflation accelerated across the UK (4.1%), US (2.2%), Euro area (2.1%), and Canada (2.1%), but declined in Japan (1.8%).
• 2.July year-over-year core inflation delivered upside surprises across the US, Euro area, UK, and Canada, while matching expectations in Japan.
• 3.Goldman Sachs forecasts Q4/Q4 core inflation by end-2026 to reach 2.9% in the UK, 2.6% in the Euro area, 2.5% in Japan, 2.2% in Canada, and slow to 3.0% for US core PCE.

What this series covers

• GS Trimmed Core Inflation
• Breadth of Inflation
• Category-level trends
• Inflation surprises
• GS forecasts
• GS Harmonized Core
• Category Trends
• Appendix
• The Global Economics Team
• Disclosure Appendix

Edition archive

• G10 Inflation Monitor Monthly GS Trimmed Core Ticks Up Outside of Japan

  August 28, 2026

• G10 Inflation Monitor Core Inflation Surprises to the Downside Outside of the UK

  July 30, 2026

• G10 Inflation Monitor Inflation Breadth Moderates in the UK and Canada

  June 30, 2026