ADVANCED ECONOMIES | General dynamics of inflation
June inflation declined temporarily but bounced back in July, reflecting the moves in energy prices.
Fading energy contributions drove June’s inflation slowdown
United States: Inflation cools on the surface, but underlying pressures remain important
Eurozone: HICP and alternative measures stay anchored
Eurozone’s inflation gap widens
France’s inflation remains moderate, Spain’s core inflation accelerates further
United Kingdom: Positive signs of disinflation
Japan: Mixed signals
Inflation and survey data:
Forward indicators of price pressures eased again in July
Forward indicators of price pressures eased again in July
Inflation expectations (households, forecasters, markets):
Long-term expectations held steady while near-term expectations pulled back (UK excepted)
United States: Inflation expectations: Long-term expectations stable and moderate
Eurozone: ECB’s short-term inflation expectations retreat, long-term stay anchored
United Kingdom: Inflation expectations: BoE survey shows a degradation
Japan: Inflation expectations: Households remain wary
Market expectations: Breakeven rates higher in the UK, recalibration in Japan continues
Inflation swap rates*: July rebound follows recent easing; UK divergence persists
Inflation-wage dynamics:
At this stage, no sign of a wage-price spiral
Wage moderation continues everywhere except Japan, despite rising inflation
EMERGING ECONOMIES | Average CPI inflation fell back slightly in June after three
Inflation dynamics in emerging economies: Pressure eased in June
Inflation dnynamics in six large emerging economies
Commodities | Broad-based rebound as tensions resurface
