Inflation excluding energy and food has accelerated recently


After decelerating rapidly around the world, inflation has recently changed trajectory in many countries. Data recorded this year shows that inflation excluding energy and food accelerated in the most recent three-month period compared to the previous three-month period in a number of large advanced and emerging countries (South Africa , Czech Republic, Germany, France, Italy, Philippines, United Kingdom, Sweden).

Some investors appear to believe that price pressures may not ease quickly. Inflation expectations in the major economies for the next year or two (driven by the difference between the yield on government bonds at their nominal value and their yield at their inflation-indexed value) are again trending upwards.

It should be noted that they remain above the levels of 2% targeted by central banks, as in France, the United States and the United Kingdom, or 3%, as in Brazil and Mexico.

Other measures of inflation expectations, such as those from household surveys, appear more stable.

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