In the United States and the euro area, inflation continues to rise, driven by energy prices, whilst temporary factors are causing it to fall slightly in the United Kingdom and Japan. Indicators of price pressures continue to rise (with the increase being more pronounced on the input price side than on the output price side). Short-term inflation expectations continue to rise, whilst longer-term expectations remain stable. Inflation-wage dynamics:
Furthermore, there are still no signs of a wage-price spiral taking hold. Across emerging economies, the inflationary impact of the energy shock is spreading rapidly, though still moderately. As for commodity prices, they remain high but are stabilising.
ADVANCED ECONOMIES
General dynamics of inflation
Inflation continues to rise in the United States and the euro area, driven by energy prices, whilst temporary factors are causing it to fall slightly in the United Kingdom and Japan.
- United States: different metrics and degree of generalisation
- Eurozone: different metrics and degree of generalisation
By country:
- United Kingdom: different metrics and degree of generalisation
- Japan: different metrics and degree of generalisation
Inflation and survey data: PMI surveys gives an indication of inflationary pressures
Indicators of price pressures continue to rise, with the increase being more pronounced on the input price side than on the output price side.
Inflation expectations (households, forecasters, markets)
Short-term inflation expectations continue to rise, whilst longer-term expectations remain stable.
Market expectations: breakeven inflation and swap rates
Inflation-wage dynamics
There are still no signs of a wage-price spiral taking hold.
Emerging Economies
The inflationary impact of the energy shock is spreading rapidly, though still moderately, across emerging economies
Degree of generalisation
Dynamics and breakdown of inflation in six large emerging economies
Commodities
Commodity prices remain high, but are stabilising.
