Stagflation Monitor

This SEB Stagflation Monitor provides a May 2026 snapshot of growth versus inflation tensions across major European economies.

Key Takeaways

• 1.The Stagflation Monitor uses 120-month rolling Z-scores to visualize the balance between real (growth) and nominal (inflation) economic sides.
• 2.Current economic conditions are benchmarked against two specific historical points: the start of 2022 and the beginning of the Iranian war.
• 3.The analysis uses standardized 3-month annualized price indices and 3-month moving average wage/employment growth across all tracked economies.

Table of Contents

• Stagflation Monitor
• Euro Area
• United Kingdom
• Sweden
• Methodology
• Disclaimer