Global | Inflation and Bottlenecks. December 2022

Summary

December data points to further easing of inflationary pressures in the US and the Euro Area. Bottleneck indicators suggests that supply pressures moderated further in the US and declined marginally in Europe

Key points

• Key points:
• Indicators of synchronicity and persistence of inflation continue to show moderation in US, but less so in Europe
• Both in the US and the Euro Area, long-term consumer inflation expectations remain between 3% and 4%
• Our bottlenecks indicator suggests that supply pressures eased further in the US and declined marginally in Europe
• China’s supplier delivery times jumped in December, as the zero-covid policy was lifted

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