Chart of the Month : the importance of services (dis)inflation
![](data:image/png;base64,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)
Since June 2023, US inflation, as measured by the year-on-year change of the BLS’s CPI, has stopped declining: it was 3% in June 2023, and it was still 3.2% in February 2024. Over the same period, disinflation was more pronounced in the euro area (HICP inflation fell from +5.5% y/y in June 2023 to +2.6% in February 2024 according to Eurostat’s flash estimate), but since the end of 2023 it has also tended to come to a halt. The fact that energy deflation plays less negatively explains this slowdown in disinflation. Food and core inflation kept falling but core disinflation remains really slow. Core inflation was still 3.8% in February 2024 in the United States and 3.1% in the euro area.
This slow pace is due to services disinflation, which, as our chart shows, remains limited. The first salient point is, in both the US and the Eurozone, the higher level of services inflation over goods inflation – and over its historical trend. It should also be noted that this gap opened earlier and is much larger in the United States than in the euro area. The third focus is on higher services inflation in the US than in the Eurozone, while goods inflation is much lower (and even negative, i.e. deflation).
From this perspective, the disinflation process appears to be more advanced in the euro area than in the US. We expect inflation to return to the 2% target faster in the Eurozone (in 2024) than in the US (in 2025). However, wage dynamics are one of the determinants to monitor[1]. The good news is that wages have started to decelerate, but this moderation remains modest. And, in the coming quarters, the risk, in our view, is that it remains gradual rather than gathering speed.
The fall in services inflation should therefore remain contained too, fueling the issue of how hard the last mile of disinflation could be. Amatyakul, Igan, and Lombardi (2024) highlight this more important role played, now, by rising services prices, when inflation dynamics had previously been more influenced by goods prices. They also explain how the relative stickiness of these services prices could imply slower disinflation[2]. Galeone and Gros (2023) have another perspective on this last mile. On the contrary, their analysis suggests that it should not represent particular difficulties, as inflation has moved from its regime of “high pass-through of energy price shocks” back to the ”stable state”[3]. The debate remains open.