The cost of Nutella in Germany is rising faster than overall inflation.
A 750g jar has gone up by nearly 40% since 2019, far outpacing Germany’s general inflation rate of 21.8% over the same period. But this isn’t just about hazelnut spread: food prices in Germany as a whole have climbed by 38.4% since the end of 2019, according to Eurostat’s Food CPI. That’s much higher than in Italy (+29.5%) or France (+25.9%), highlighting how sharply grocery bills have risen in Germany. Source: Bloomberg, HolgerZ
The US president said he was nominating the 'Highly Respected Economist' EJ Antoni from the right wing Heritage Foundation to chair the agency
After firing the former commissioner for a gloomy jobs report he claimed was 'rigged' https://on.ft.com/3UkAOWG Source: FT
Apollo's Sløk says the U.S. remains the most dynamic economy in the world — and he uses one simple chart to make his point: the number of new business applications.
Source: Apollo, HolgerZ
Watch out US CPI electricity today
Recent BBG article cites the recent 2x increase in electricity vs. broader inflation. Source: Bloomberg
Currency debasement is not a bug — it’s a feature of the fiat system.
Since Bretton Woods collapsed in 1971, not one of 152 countries has kept average inflation below 2%. Even Switzerland averaged 2.2%. Source: Global Markets Investors
China’s July exports top expectations, rising over 7%; imports record biggest jump in a year ‼️
▶️ Exports climbed 7.2% in July in U.S. dollar terms from a year earlier, customs data showed Thursday, exceeding Reuters-polled economists’ estimates of a 5.4% rise. ▶️Imports rose 4.1% last month from a year earlier, marking the biggest jump since July 2024, according to LSEG data. The data also indicated a recovery in import levels following June’s 1.1% rebound. Economists had forecast imports in July to fall 1.0%, according to a Reuters poll. ▶️On a year-to-date basis, China’s overall exports jumped 6.1% from a year earlier, while imports fell 2.7%, customs data showed. China’s trade surplus this year, as of July, reached $683.5 billion, 32% higher than the same period in 2024. Source: Augur Infinity @AugurInfinity, CNBC
Government jobs created/eliminated under Biden and Trump.
Probably too early to call it a trend change, but worth being highlighted. Source: Chart Eleva Capital, Bloomberg thru Michel A.Arouet
The chart below shows the number of companies founded in China each year.
Private entrepreneurialism fueling China’s economic rise has come to a full stop there. Time will tell what will be the consequences of a pivot to a state run economy again. Source: Michel A.Arouet, FT
