Advanced Country Headline Inflation Rates – May 2022

High inflation not just in the US:

Figure 1: Year-on-year CPI inflation for US (black), Euro area (HICP) (tan), UK (green), Canada (red), Australia (pink), in %. NBER defined peak-to-trough recession dates for US shaded gray. Source: BLS via FRED, European Commission via FRED, Canada via Statistics Canada, Australia via FRED/OECD MEI, NBER and author’s calculations.

 

20 thoughts on “Advanced Country Headline Inflation Rates – May 2022”

    1. Moses Herzog

      Think about it, how high can the demand for kangaroo meat get??

      I had an older Australian friend in China who was actually very kind to me (I think she thought I was pretty goofy in the head but a well-intentioned individual, so she looked past my oddball-ness). She had a crush on a much younger Chinese teacher friend of mine. We were pretty tight (the Chinese English teacher) and we helped each other find jobs. So the older Australian lady asked me to ask the much younger Chinese guy if he had any interest in her. I felt loyalty to both of them but knew what the answer would be before I queried. Can you say “awkward”?? Aussies tend to be “off kilter” but they tend to be straight shooters, so I find most of them likable.

      1. Moses Herzog

        The Australian lady was a heavy heavy smoker, and loved the color purple. Everything she had was purple, then I found out 1-2 days later I missed her Birthday (I lived in a separate apartment building to the other teachers, and had a recent break up, so I always “missed” the grapevine on office events). So I went out with some girl I was seeing at the time (snobbish but model like looks) , to the Chinese version of a flea market (large city, better market than you might imagine, would never have found it on my own without the snob girl’s help). We walked around for the good one half of the day (felt like 5 days) to find what “Genius boy” Uncle Moses, (young Moses at the time) was looking for……..

        A purple ashtray. Semi-large purple glass ashtray. She liked it. Even though it was a late birthday gift. Moses did ok.

    2. ltr

      https://www.wsj.com/articles/inflation-outpaces-forecasts-in-australia-and-south-korea-11655795322

      June 21, 2022

      Inflation Outpaces Forecasts in Australia and South Korea
      Expectation is for the situation to get worse before it gets better, Australia’s treasurer says
      By James Glynn – Wall Street Journal

      Policy makers in Australia and South Korea warned that inflation was rising faster than expected, and the head of Australia’s central bank said it would take years for it to return to normal levels….

      1. ltr

        https://english.news.cn/asiapacific/20220427/f260151c69164fea95fed0a7327cf02a/c.html

        April 27, 2022

        Australia’s inflation hits 20-year high over rising fuel prices

        CANBERRA — Australia has recorded its highest annual inflation rate in more than 20 years on the back of rising fuel prices.

        According to data published by the Australian Bureau of Statistics (ABS) on Wednesday, the consumer price index (CPI), which measures the cost of living, rose 2.1 percent in the March quarter and 5.1 percent for the 12 months to March 2022.

        It marks the biggest annual CPI reading since 2001 when a 10 percent goods and services tax (GST) was introduced.

        The ABS said the growing cost of living was driven by a 5.7 percent increase in the cost of building a new house and an 11 percent rise in fuel prices….

  3. pgl

    Now if the message is that world inflation is accelerating, I’m waiting for the expert on the Global Quantity Theory (aka Dr. Princeton Steve) to inform us on the growth rate of the world money supply. After all world GDP/world money supply must be a constant – right?

  4. ltr

    https://news.cgtn.com/news/2022-06-10/China-s-consumer-price-index-rises-2-1-in-May-1aKb5Y7KUk8/index.html

    June 10, 2022

    China’s consumer price index (CPI) increased 2.1 percent from a year ago in May, unchanged from April’s growth.

    https://news.cgtn.com/news/2022-06-10/China-s-consumer-price-index-rises-2-1-in-May-1aKb5Y7KUk8/img/7b1d87612ef94e0886f57f3c8e7ea2db/7b1d87612ef94e0886f57f3c8e7ea2db.jpeg

    China’s producer price index (PPI) rose 6.4 percent year on year last month, following a rise of 8 percent in April.

    https://news.cgtn.com/news/2022-06-10/China-s-consumer-price-index-rises-2-1-in-May-1aKb5Y7KUk8/img/74917ddb16f74935b5cdaae7023d649b/74917ddb16f74935b5cdaae7023d649b.jpeg

    1. ltr

      China has been steadily building capacity and stores for food and fuel production and supplies since summer 2021 when it appeared that international grain production was lessening and regional energy production in China was short of growing use. The result of the Chinese efforts so far are important food and energy surpluses. The energy surplus involves strengthening national delivery and storage systems, with ultra high voltage transmission lines for electricity of special importance.

  9. ltr

    https://news.cgtn.com/news/2022-06-23/Chinese-mainland-records-48-new-confirmed-COVID-19-cases-1b5JlVLyGMU/index.html

    June 23, 2022

    Chinese mainland records 48 new confirmed COVID-19 cases

    The Chinese mainland recorded 48 confirmed COVID-19 cases on Wednesday, with 13 linked to local transmissions and 35 from overseas, data from the National Health Commission showed on Thursday.

    A total of 87 asymptomatic cases were also recorded on Wednesday, and 1,262 asymptomatic patients remain under medical observation.

    The cumulative number of confirmed cases on the Chinese mainland is 225,397, with the death toll from COVID-19 standing at 5,226.

    Chinese mainland new locally transmitted cases

    https://news.cgtn.com/news/2022-06-23/Chinese-mainland-records-48-new-confirmed-COVID-19-cases-1b5JlVLyGMU/img/484937e4a85a4bfa81acffe275b21fe6/484937e4a85a4bfa81acffe275b21fe6.jpeg

    Chinese mainland new imported cases

    https://news.cgtn.com/news/2022-06-23/Chinese-mainland-records-48-new-confirmed-COVID-19-cases-1b5JlVLyGMU/img/566cb2a4b01844d0b350542a55a57708/566cb2a4b01844d0b350542a55a57708.jpeg

    Chinese mainland new asymptomatic cases

    https://news.cgtn.com/news/2022-06-23/Chinese-mainland-records-48-new-confirmed-COVID-19-cases-1b5JlVLyGMU/img/f6b7f6f94d244f8f898ed244424b55e1/f6b7f6f94d244f8f898ed244424b55e1.jpeg

  10. Moses Herzog

    Anyone who understands “game theory” knows what NEEDS to be done NOW. Democrats, are you going to push it now, or do you want Democracy to DIE??

  11. Barkley Rosser

    Whilo not a dramaiic decline today, crude oil prices have continued to decline, with WTI now at $104.10 per barrel and Brent now below 110 at $109.80. This has been vaguely showing up in gasoline prices declining by a few cents per gallon nationally, although the news media has been mostly focusing on what they are compared to a year ago rather than what they were two weeks ago.

    1. Anonymous

      eat, pay rent, send the electric bill or drive the car.

      demand destruction is a thing.

      diesel is above $6 per in my area.

      third estimate of q12022 gdp out tomorrow, last was -1.5 yony

  12. Not Trampis

    We should peak around 7% in the december quarter.That is only a tad lower than you yanks and the poms and europeans.

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