German inflation slows to 2.9% in January from 3.7% in December, lowest level since June 2021
Core CPI slows to 3.4% in January from 3.5% in December, lowest level June 2022. Energy in deflation, hashtag#energy prices dropped -2.8% YoY, while Food CPI slowed to 3.8% from 4.5% in December. Source: HolgerZ, Bloomberg
Real estate as inflation protection in one chart, updated
Source: Michel A.Arouet
After 13 consecutive YoY declines, US inflation-adjusted retail sales rose 1.4% YoY in December, The first YoY increase since Oct 2022.
Nominal Retail Sales grew 4.78% over the last year, rising just above the historical average of 4.71%. Source: Charlie Bilello
UK Inflation Rises Unexpectedly, Tempering Talk of Rate Cuts
UK inflation disappoints at both the headline and core levels: Headline inflation rose to 4.0% in December, above the consensus forecast looking for it to fall from 3.9% to 3.8%. Core inflation, which was also expected to fall, remained unchanged at 5.1%. Source: Bloomberg
Swiss inflation vs. German inflation.
The inflation rate in Switzerland is already well below the target of 2%. At 1.7%, it is a full 2ppts lower than the German rate. Source: Bloomberg, HolgerZ
Your grocery bill has increased more than 25% over the last 4 years!
Source: barchart
The Red Sea's inflation threat:
The disruptions in the Red Sea have roiled global supply chains and pushed up freight costs. The Houthis have pledged a “big” response to airstrikes. Iran wins either way w/US airstrikes on Houthis in Yemen. Source: HolgerZ, Bloomberg
Beware the second wave...inflation moves in mysterious ways and sometimes you get that "unplanned" second wave.
Source: TS Lombard, TME
