Will the global CPI slowdown continue? Or will it rebound?Global MarketsGlobal CPI saw 2nd monthly uptick in August, DM remains below Global; DM and EM are now on the rise- Economies across the world have a GDP of about US$97trn and an average CPI of 5.1%
- DM has US$55trn GDP, and CPI was 4.3%
- EM has US$42trn GDP, and CPI was 6.1%
World CPI was 5.1%, down 3ppts from one year ago; MoM it was up 0.3ppt, a 2nd monthly uptick- DM CPI was 4.3%, down 3.3 ppts from one year ago; MoM it was up 0.2ppts
- It has moved from a 0.5ppts discount to World CPI last year to the current 0.8ppt discount
- EM CPI was 6.1%, down 2.6 ppts from one year ago; MoM it was up 0.6ppts
- It has moved from a 0.7ppts premium to World CPI last year to the current 1ppt premium
Developed RegionsDM Americas CPI had 2nd uptick, DM Europe continues its slide, while DM Pacific stays flat at 4%- DM Americas is the largest region, with US$28trn of GDP and 3.7% CPI
- DM Europe has US$15trn GDP and 5.2% CPI
- DM Pacific has US$8trn GDP and 3.9% CPI
DM Americas CPI had 2nd uptick, DM Europe continues its slide, while DM Pacific stays flat at 4%- DM Americas CPI was 3.7%, down 4.4ppts from one year ago; MoM it was up 0.4ppts
- It has moved from a 0.1ppts premium to World CPI last year to the current 1.4ppt discount
- DM Europe CPI was 5.2%, down 2.9ppts from one year ago; MoM it was down 0.1ppts
- It has moved from a 0.1ppts premium to World CPI last year to the current 0.1ppt premium
- DM Pacific CPI was 3.9%, down 0.3ppts from one year ago; MoM it was down 0.1ppts
- It has moved from a 3.9ppts discount to World CPI last year to the current 1.2ppt discount
Emerging RegionsCPI in EM Asia and Frontier markets re-igniting, EM Europe continues its rise- EM Americas had a small GDP of US$4trn and CPI of 5.4%
- EM Asia had a massive GDP of US$29trn and 1.4% CPI
- EM Europe had a small US$4trn GDP and a massive 16.5% CPI
- Emerging Middle East & Africa had a tiny US$2trn GDP and a high 10.9% CPI
- Frontier markets had a US$3trn GDP and an extremely high 32.3% CPI
CPI in EM Asia and Frontier markets re-igniting, EM Europe continues its rise- EM Americas CPI was 5.4%, down 3.9ppts from one year ago; MoM it was up 0.1ppts
- It has moved from a 1.3ppts premium to World CPI last year to the current 0.3ppt premium
- EM Asia CPI was 1.4%, down 2.1ppts from one year ago; MoM it was up 0.3ppts
- It has moved from a 4.5ppts discount to World CPI last year to the current 3.6ppt discount
- EM Europe CPI was 16.5%, down 11.8ppts from one year ago; MoM it was up 2.1ppts
- It has moved from a 20.3ppts premium to World CPI last year to the current 11.4ppt premium
- EM ME&A CPI was 10.9%, up 3.9ppts from one year ago; MoM it was flat
- It has moved from a 1ppts discount to World CPI last year to the current 5.8ppt premium
- Frontier CPI was 32.3%, up 6ppts from one year ago; MoM it was up 2ppts
- It has moved from a 18.3ppts premium to World CPI last year to the current 27.2ppt premium
Developed Countries2nd US CPI uptick; strong 1st uptick in France; Japan and UK steady slide; Germany flat- Top five DM countries
- US GDP was US$25trn, CPI of 3.7%
- Japan US$5trn and 3.1% CPI
- Germany US$4.3trn and 6.2% CPI
- UK: US$3.4trn, 6.8%
- France: US$3trn/4.6%
- USA CPI was 3.7%, down 4.5ppts from one year ago; MoM it was up 0.4ppts
- It has moved from a 0.2ppts premium to World CPI last year to the current 1.4ppt discount
- Japan CPI was 3.1%, up 0.1ppts from one year ago; MoM it was down 0.1ppts
- It has moved from a 5ppts discount to World CPI last year to the current 2ppt discount
- Germany CPI was 6.2%, down 0.9ppts from one year ago; MoM it was flat
- It has moved from a 0.9ppts discount to World CPI last year to the current 1.1ppt premium
- UK CPI was 6.8%, down 3.2ppts from one year ago; MoM it was down 0.2ppts
- It has moved from a 1.9ppts premium to World CPI last year to the current 1.7ppt premium
- France CPI was 4.6%, down 1.2ppts from one year ago; MoM it was up 0.5ppts
- It has moved from a 2.2ppts discount to World CPI last year to the current 0.5ppt discount
Emerging CountriesChina CPI flat after July deflation; India slows; strong rise in Korea; rising in Russia and Brazil- China: US$20trn/0.1%
- India: US$3.5trn/6.8%
- Korea: US$1.8trn/3.5%
- Russia: US$1.8trn/5.2%
- Brazil: US$1.8trn/4.7%
- China CPI was 0.1%, down 2.3ppts from one year ago; MoM it was up 0.4ppts
- It has moved from a 5.7ppts discount to World CPI last year to the current 5ppt discount
- India CPI was 6.8%, down 0.1ppts from one year ago; MoM it was down 0.6ppts
- It has moved from a 1.1ppts discount to World CPI last year to the current 1.7ppt premium
- Korea CPI was 3.5%, down 2.2ppts from one year ago; MoM it was up 1.2ppts
- It has moved from a 2.4ppts discount to World CPI last year to the current 1.6ppt discount
- Russia CPI was 5.2%, down 9.2ppts from one year ago; MoM it was up 0.9ppts
- It has moved from a 6.3ppts premium to World CPI last year to the current 0.1ppt premium
- Brazil CPI was 4.7%, down 4.1ppts from one year ago; MoM it was up 0.6ppts
- It has moved from a 0.8ppts premium to World CPI last year to the current 0.4ppt discount
Developed CountriesHighest CPI- Sweden CPI was 7.6%, down 2.2ppts from one year ago; MoM it was down 1.8ppts
- It has moved from a 1.7ppts premium to World CPI last year to the current 2.5ppt premium
- Austria CPI was 7.5%, down 1.8ppts from one year ago; MoM it was up 0.4ppts
- It has doubled its 1.2ppts premium to World CPI last year to the current 2.4ppt premium
- UK CPI was 6.8%, down 3.2ppts from one year ago; MoM it was down 0.2ppts
- It has moved from a 1.9ppts premium to World CPI last year to the current 1.7ppt premium
- Ireland CPI was 6.4%, down 2.4ppts from one year ago; MoM it was up 0.5ppts
- It has moved from a 0.7ppts premium to World CPI last year to the current 1.3ppt premium
- Germany CPI was 6.2%, down 0.9ppts from one year ago; MoM it was flat
- It has moved from a 0.9ppts discount to World CPI last year to the current 1.1ppt premium
Emerging CountriesHighest CPI- Argentina* CPI was 124.4%, up 45.9ppts from one year ago; MoM it was up 11ppts
- It has moved from a 70.4ppts premium to World CPI last year to the current 119.3ppt premium
- Turkey CPI was 60.9%, down 19.6ppts from one year ago; MoM it was up 11.3ppts
- It has moved from a 72.4ppts premium to World CPI last year to the current 55.8ppt premium
- Egypt CPI was 38.2%, up 23.3ppts from one year ago; MoM it was up 1ppts
- It has moved from a 6.9ppts premium to World CPI last year to the current 33.2ppt premium
- Pakistan* CPI was 28%, up 0.8ppts from one year ago; MoM it was down 0.9ppts
- It has moved from a 19.1ppts premium to World CPI last year to the current 22.9ppt premium
- Nigeria* CPI was 26.2%, up 5.6ppts from one year ago; MoM it was up 1.7ppts
- It has moved from a 12.5ppts premium to World CPI last year to the current 21.1ppt premium
*denotes Frontier market
Developed CountriesLowest CPI- Switzerland CPI was 1.6%, down 1.8ppts from one year ago; MoM it was down 0.1ppts
- It has moved from a 4.6ppts discount to World CPI last year to the current 3.5ppt discount
- Hong Kong CPI was 1.8%, down 0.2ppts from one year ago; MoM it was down 0.1ppts
- It has moved from a 6.1ppts discount to World CPI last year to the current 3.3ppt discount
- Denmark CPI was 2.4%, down 6.5ppts from one year ago; MoM it was down 0.7ppts
- It has moved from a 0.9ppts premium to World CPI last year to the current 2.6ppt discount
- Spain CPI was 2.7%, down 7.8ppts from one year ago; MoM it was up 0.3ppts
- It has moved from a 2.4ppts premium to World CPI last year to the current 2.4ppt discount
- Netherlands CPI was 3%, down 9.1ppts from one year ago; MoM it was down 1.5ppts
- It has moved from a 4ppts premium to World CPI last year to the current 2.1ppt discount
Emerging CountriesLowest CPI- China CPI was 0.1%, down 2.3ppts from one year ago; MoM it was up 0.4ppts
- It has moved from a 5.7ppts discount to World CPI last year to the current 5ppt discount
- Jordan* CPI was 0.9%, down 4.5ppts from one year ago; MoM it was flat
- It has moved from a 2.6ppts discount to World CPI last year to the current 4.2ppt discount
- Thailand CPI was 0.9%, down 6.9ppts from one year ago; MoM it was up 0.5ppts
- It has moved from a 0.2ppts discount to World CPI last year to the current 4.2ppt discount
- Saudi Arabia CPI was 2%, down 0.9ppts from one year ago; MoM it was down 0.4ppts
- It has moved from a 5.2ppts discount to World CPI last year to the current 3.1ppt discount
- Malaysia CPI was 2.1%, down 2.5ppts from one year ago; MoM it was flat
- It has moved from a 3.4ppt discount to World CPI last year to the current 3ppt discount
*denotes Frontier market
Developed CountriesLargest rise/Least fall
- Japan CPI was 3.1%, up 0.1ppts from one year ago; MoM it was down 0.1ppts
- It has moved from a 5ppt discount to World CPI last year to the current 2ppt discount
- Hong Kong CPI was 1.8%, down 0.2ppts from one year ago; MoM it was down 0.1ppts
- It has moved from a 6.1ppt discount to World CPI last year to the current 3.3ppt discount
- Israel CPI was 4.2%, down 0.4ppts from one year ago; MoM it was up 0.8ppts
- It has moved from a 3.5ppt discount to World CPI last year to the current 0.9ppt discount
- Australia CPI was 6.1%, down 0.8ppts from one year ago; MoM it was flat
- It has moved from a 1.1ppt discount to World CPI last year to the current 1ppt premium
- Germany CPI was 6.2%, down 0.9ppts from one year ago; MoM it was flat
- It has moved from a 0.9ppt discount to World CPI last year to the current 1.1ppt premium
Emerging CountriesLargest rise/Least fall
- Argentina* CPI was 124.4%, up 45.9ppts from one year ago; MoM it was up 11ppts
- It has moved from a 70.4ppts premium to World CPI last year to the current 119.3ppt premium
- Egypt CPI was 38.2%, up 23.3ppts from one year ago; MoM it was up 1ppts
- It has moved from a 6.9ppts premium to World CPI last year to the current 33.2ppt premium
- Nigeria* CPI was 26.2%, up 5.6ppts from one year ago; MoM it was up 1.7ppts
- It has moved from a 12.5ppts premium to World CPI last year to the current 21.1ppt premium
- Hungary CPI was 16.6%, up 1ppts from one year ago; MoM it was down 1.3ppts
- It has moved from a 7.5ppts premium to World CPI last year to the current 11.5ppt premium
- Pakistan* CPI was 28%, up 0.8ppts from one year ago; MoM it was down 0.9ppts
- It has moved from a 19.1ppts premium to World CPI last year to the current 22.9ppt premium
*denotes Frontier market
Developed CountriesSmallest rise/Biggest fall
- Netherlands CPI was 3%, down 9.1ppts from one year ago; MoM it was down 1.5ppts
- It has moved from a 4ppts premium to World CPI last year to the current 2.1ppt discount
- Spain CPI was 2.7%, down 7.8ppts from one year ago; MoM it was up 0.3ppts
- It has moved from a 2.4ppts premium to World CPI last year to the current 2.4ppt discount
- Denmark CPI was 2.4%, down 6.5ppts from one year ago; MoM it was down 0.7ppts
- It has moved from a 0.9ppts premium to World CPI last year to the current 2.6ppt discount
- Belgium CPI was 4.1%, down 5.9ppts from one year ago; MoM it was flat
- It has moved from a 1.9ppts premium to World CPI last year to the current 1ppt discount
- Portugal CPI was 3.8%, down 5.2ppts from one year ago; MoM it was up 0.6ppts
- It has moved from a 0.9ppts premium to World CPI last year to the current 1.3ppt discount
Emerging CountriesSmallest rise/Biggest fall
- Sri Lanka* CPI was 4%, down 57.9ppts from one year ago; MoM it was down 2.3ppts
- It has moved from a 53.8ppts premium to World CPI last year to the current 1.1ppt discount
- Estonia* CPI was 4.8%, down 19.8ppts from one year ago; MoM it was down 1.8ppts
- It has moved from a 16.6ppts premium to World CPI last year to the current 0.3ppt discount
- Turkey CPI was 60.9%, down 19.6ppts from one year ago; MoM it was up 11.3ppts
- It has moved from a 72.4ppts premium to World CPI last year to the current 55.8ppt premium
- Lithuania* CPI was 6.3%, down 16ppts from one year ago; MoM it was down 1.3ppts
- It has moved from a 14.2ppts premium to World CPI last year to the current 1.2ppt premium
- Bulgaria* CPI was 7.8%, down 9.9ppts from one year ago; MoM it was down 0.8ppts
- It has moved from a 9.6ppts premium to World CPI last year to the current 2.7ppt premium
*denotes Frontier market
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