Global | Inflation and Bottlenecks September 2023

Summary

In the US general inflation were steady in September at 3.7% y/y while core inflation inched down. The Eurozone inflation declined significantly to 4.3%

Key points

• Key points:
• In the US, general inflation in September was somewhat higher than expected, (3.7 y/y%), the same as the previous month. Core inflation decreased from 4.3% y/y to 4.1% y/y.
• Eurozone inflation slowed significantly in September (headline 4.3% y/y -0.9 points, core 4.5% y/y -0.8 points). By country, the decrease in price pressures was focused on Germany.
• Synchronicity indicators reflected a slight rebound in the percentage of goods with high inflation in the US and showed greater stability in Europe.
• Consumer inflation expectations moderated in the US, while market expectations remained stable but slightly above the 2% target.
• Consumer inflation expectations in the Eurozone increased slightly and were above the ECB's target of 2%, while those of analysts and the market remained stable although somewhat above the ECB's target.

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