Some common inflation trajectories emerge between the different economic blocs: disinflation of food and manufactured goods continues, while energy deflation has largely abated, except in the United Kingdom.
Apart from Japan, price pressure indicators have rebounded in recent months while wage growth is currently higher than inflation in all the regions . In the United States, CPI inflation fell slightly, from 3.5% in year-on-year terms in March to 3.4% in April, while the core rate fell from 3.8% to 3.6%. Deflation in used vehicles contributed mainly to this decline. On the other hand, services inflation remained stable at 5.3%.
Energy deflation eased but remained strong and core inflation slowed significantly . However, the landing phase towards the 2% target will come up against sustained and slightly higher base wage growth in March at 6.2% . Moreover, tensions in the housing market are increasing. The actual rent index reached a new high in March, with a year-on-year increase of more than 7%, for the first time in 30 years. The owner-equivalent rent index follows a similar path but shows a lower increase .
Macroeconomics CPI Centralbanks Deflation
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