Global Economic Briefing:

Global Inflation
Yardeni Research, Inc.

June 14, 2022

Dr. Edward Yardeni

516-972-7683
eyardeni@yardeni.com

Debbie Johnson
480-664-1333
djohnson@yardeni.com

Mali Quintana
480-664-1333
aquintana@yardeni.com

Please visit our sites at

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thinking outside the box

Table Of Contents Table Of Contents
Global Inflation Rates 1-3
G7 Inflation Rates 4
OECD Core Inflation Rates 5-8
Asian Inflation Rates 9
Latin American Inflation Rates 10
Emerging Europe Inflation Rates 11
Global Consumer Prices 12
Asian Producer Prices 13

June 14, 2022 / Global Inflation Yardeni Research, Inc.

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 Global Inflation Rates
Figure 1.
18 18
OECD: CONSUMER PRICE INDEX
(yearly percent change)
16 16

14 14

12 12

10 Total (9.2) 10
Apr
Ex food & energy (6.3)
8 8

6 6

4 4

2 2

0 0

yardeni.com
-2 -2
71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25

Source: Organization for Economic Cooperation & Development (OECD).

Figure 2.
8 8
CONSUMER PRICE INDEX: G7
(yearly percent change) Apr
7 7

6 6
Total (7.1)
Ex Food & Energy (4.8)
5 5

4 4

3 3

2 2

1 1

0 0

-1 -1

yardeni.com
-2 -2
97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Source: OECD.

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 Global Inflation Rates
Figure 3.
10 10
CONSUMER PRICE INDEXES Apr
9 (yearly percent change) 9

8 8
Consumer Price Index
OECD Total (9.2) Apr
7 7
G7 (7.1)
6 6

5 5

4 4

3 3

2 2

1 1

0 0

-1 -1
yardeni.com
-2 -2
97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Source: OECD.

Figure 4. Apr
6 6
CONSUMER PRICE INDEX EXCLUDING FOOD & ENERGY
(yearly percent change)

5 5

4 4
OECD Total (6.3)
G7 (4.8)

3 3

2 2

1 1

yardeni.com
0 0
97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Source: OECD.

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 Global Inflation Rates
Figure 5.
12 12
CONSUMER PRICE INDEXES: EUROZONE
(yearly percent change)
10 10

Eurozone (8.1)
8 Germany (8.7) May 8
France (5.8)
Italy (7.3)
Spain (8.5)
6 6

4 4

2 2

0 0

yardeni.com
-2 -2
97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Source: Haver Analytics.

Figure 6.
5 5
EUROZONE: CORE CONSUMER PRICE INDEXES
(yearly percent change)
Eurozone (3.8)
4 Germany (4.0) 4
France (3.4) May
Italy (2.9)
Spain (3.4)
3 3

2 2

1 1

0 0

yardeni.com
-1 -1
97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Source: Haver Analytics.

Page 3 / June 14, 2022 / Global Inflation Yardeni Research, Inc.

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 G7 Inflation Rates
Figure 7.
8 7.5
CONSUMER PRICE INDEX May 7.0
(yearly percent change) 6.5
6 6.0
Italy 5.5
G7 Apr 5.0
Total (6.9) 4.5
4 Total (7.1) 4.0
Core (4.8) Core (3.3) 3.5
3.0
2 2.5
2.0
1.5
1.0
0 .5
.0
-.5
-2 -1.0
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

8 5
Apr 4
6 Canada 3
Apr
2
4 Japan
1
0
2
-1

0 Total (2.5) -2
Total (6.8)
Core (4.9) Core* (0.1) -3
-2 -4
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24
Apr
6 May 7

5 6
France
United 5
4 Total (5.8)
Kingdom
Core (3.4) 4
3
3
2
2
1
1
Total (7.8)
0 0
Core (5.4)
-1 -1
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

10 10
May May
8 Germany United 8
States Total (8.6)
Total (8.7)
6 Core (4.0) Core (6.0) 6

4 4

2 2

0 0
yardeni.com
-2 -2
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24
*Japan core excludes food & energy.
Source: OECD.

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 OECD Core Inflation Rates
Figure 8.
10 8
9 CORE CONSUMER PRICE INDEX Apr
(yearly percent change) Apr
8 Canada 6
7
OECD
6
4
5
4
2
3
2
1 0
0
-1 -2
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

7 Apr 14
6 Australia 12
5 Q1 Czech Republic 10
4 8
3 6
2 4
1 2
0 0
-1 May -2
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

8 6
Apr
6 Austria Denmark
4

4
2
2

0
0

-2 -2
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

10 8
Belgium Apr Finland
8 Apr 6

6 4

4 2

2 0

0 -2
yardeni.com
-2 -4
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24
Source: OECD.

Page 5 / June 14, 2022 / Global Inflation Yardeni Research, Inc.

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 OECD Core Inflation Rates
May
Figure 9.
3.0 20
CORE CONSUMER PRICE INDEX 18
2.5 (yearly percent change)
16
France 14
2.0 Iceland
12
10
1.5
May 8
1.0 6
4
.5 2
0
.0 -2
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

4.8 8
4.4
Germany
4.0 May 6
3.6 Ireland
Apr
3.2 4
2.8
2.4
2
2.0
1.6
1.2 0
.8
.4 -2
.0
-.4 -4
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

8 3.5
Italy May 3.0
6
Greece 2.5
4 May 2.0

2 1.5
1.0
0 .5
-2 .0
-.5
-4
-1.0
-6 -1.5
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

15 3

2
Hungary May Japan*
10
1

5 Apr 0

-1
0
-2
yardeni.com
-5 -3
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24
* Japan’s core excludes food & energy.
Source: OECD.

Page 6 / June 14, 2022 / Global Inflation Yardeni Research, Inc.

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 OECD Core Inflation Rates
Figure 10.
10 8
CORE CONSUMER PRICE INDEX
(yearly percent change) Q1
8
New Zealand
6
6 Korea
May
4 4

2
2
0

-2 0
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

8 6
May
May
6 Luxembourg Norway
4

4
2
2

0
0

-2 -2
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

15 Apr 12

10
Poland 6
Mexico May
3
5

0 May -3
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

7 6
6 5
Netherlands Portugal Apr
5 4
4 3
3 2
2 1
1 0
0 -1
yardeni.com
-1 -2
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24
Source: OECD.

Page 7 / June 14, 2022 / Global Inflation Yardeni Research, Inc.

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 OECD Core Inflation Rates
Figure 11.
15 90
CORE CONSUMER PRICE INDEX
80
(yearly percent change)
May
10 70
Slovakia May 60
Turkey 50
5
40
30
0 20
Apr 10
-5 0
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

4.5 6
4.0
3.5 Spain Apr United
3.0 Kingdom
2.5 4
2.0
1.5
1.0 2
.5
.0
-.5
-1.0 0
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24
Apr
5.5 7.4
4.5 6.6
May 5.8
3.5 United States
5.0
2.5
4.2
1.5
3.4
.5
2.6
-.5 1.8
Sweden
-1.5 1.0
-2.5 .2
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

3 May

2 Switzerland

-1
yardeni.com
-2
00 02 04 06 08 10 12 14 16 18 20 22 24
Source: OECD.

Page 8 / June 14, 2022 / Global Inflation Yardeni Research, Inc.

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 Asian Inflation Rates
Figure 12.
15 14
CONSUMER PRICE INDEX 12
(yearly percent change) Philippines
10 10
China 8
5 May 6
May 4
0 2
0
ex food
-5 -2
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

8 10
6 8
4
Singapore Apr 6
2 Apr
0 4
-2 2
-4 Hong Kong 0
-6
-8 -2
-10 -4
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

15 10
8
South Korea
10 India 6
May
May 4
5 2
0
ex agr products & oil
0 -2
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

20 8

15 Taiwan 6
4
10 May
2
5
May 0
0 Indonesia
-2
-5 -4
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

10 12
8 Thailand
Malaysia May 8
6
4 4
2 Apr
0
0
-4
-2 ex food & energy
yardeni.com
-4 -8
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

Source: Haver Analytics.

Page 9 / June 14, 2022 / Global Inflation Yardeni Research, Inc.

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 Latin American Inflation Rates
Figure 13.
6000 May 8

5000 Peru 6
Brazil
4000
4

3000

2
2000

0
1000
Ex Food & Energy
0 Dec -2
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24
12
May

10

8
Chile
6

-2
ex food & energy
-4
00 02 04 06 08 10 12 14 16 18 20 22 24
15

10
Mexico
May

ex food & energy

yardeni.com
0
00 02 04 06 08 10 12 14 16 18 20 22 24
Source: Haver Analytics.

Page 10 / June 14, 2022 / Global Inflation Yardeni Research, Inc.

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 Emerging Europe Inflation Rates
Figure 14.
21 15
CONSUMER PRICE INDEX
18
(yearly percent change) Apr 12
15 Apr
12 9
Poland
9
6
6
3 3
Bulgaria
0
0
-3
-6 -3
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

10 60
Apr
8
45
Croatia
6
Romania 30
4
May 15
2

0
0

-2 -15
00 02 04 06 08 10 12 14 16 18 20 22May24 00 02 04 06 08 10 12 14 16 18 20 22 24

14 40
12 35
10 Czech 30
Republic
8 Russia 25
6 20
May
4 15
2 10
0 5
-2 0
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

15 65

12 55
Hungary May Ukraine
45
9
35
6
25
3
15
0 Dec 5
ex food & energy yardeni.com
-3 -5
00 02 04 06 08 10 12 14 16 18 20 22 24 00 02 04 06 08 10 12 14 16 18 20 22 24

Source: Haver Analytics.

Page 11 / June 14, 2022 / Global Inflation Yardeni Research, Inc.

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 Global Consumer Prices
Figure 15.
10 10
CONSUMER PRICE INDEXES
(yearly percent change)
May
8 8
Euro Area (8.1)
United States (8.5)
Japan (2.4)
6 6

4 4

2 2

0 0

-2 -2

yardeni.com
-4 -4
96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Source: Statistical Office of European Communities, Statistisches Bundesamt, and Haver Analytics.

Page 12 / June 14, 2022 / Global Inflation Yardeni Research, Inc.

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 Asian Producer Prices
Figure 16.
15 Apr 30
12 ASIAN COUNTRIES PPIs Singapore (29.3) 25
(yearly percent change) 20
9 15
6 May 10
5
3
0
0 -5
-3 -10
China (6.4) -15
-6 -20
-9 -25
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

20 16
16 India (15.8) May 12
12 South Korea (9.2) Apr
8
8
4
4
0
0
-4 -4
-8 -8
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

16 20
May
Indonesia (9.1) 15
12
10
Q1
8 5

4 0
-5
0 Taiwan (16.7)
-10
-4 -15
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

15 25
20
Malaysia (2.4) Thailand (13.3)
10 15
May
10
5 5
Apr 0
0 -5
-10
-5 -15
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

5
Philippines (8.3)
4

1
yardeni.com
0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Source: Haver Analytics.

Page 13 / June 14, 2022 / Global Inflation Yardeni Research, Inc.

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