Global | Inflation and Bottlenecks Chartbook. June 2023

Summary

Inflation continued trending down thanks to the base effect and lower commodity prices, while core inflation barely declined. Inflation goods continued moderating while services inflation remain more sticky.

Key points

• Key points:
• Declines in headline annual inflation pick up speed in the US and in most BBVA footprint countries.
• US inflation fell more than expected in June, with headline inflation at 3.1% and core at 4.9%YoY.
• Euro Area headline inflation was 5.5% YoY in June. Core inflation also increased less than expected.
• In China inflation remained subdue. June's inflation headline was close to zero.
• Our supply bottlenecks indicator suggests that disruptions in production chain loosened in both US and Europe due to the manufacturing downturn.

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