Lowest 12-month harmonised inflation in US in G7: White House CEA

29 Jun '23

1 min read

Pic: White House

Insights

Despite elevated inflation across all G7 nations, an analysis by the White House Council of Economic Advisers found the US now has the lowest 12-month harmonised inflation in the G7, both for overall and core inflation.
The US consumer price index-based inflation in May was 4 per cent YoY.
Inflation's near-term evolution is uncertain across the G7.

Though inflation remains elevated across all G7 countries, an analysis by the Council of Economic Advisers (CEA) in the White House found the United States now has the lowest 12-month harmonised inflation in the G7, both for overall and core inflation. The US consumer price index (CPI)-based inflation in May was 4 per cent year on year.

According to common inflation definitions, US inflation generally peaked earlier and is now lower than the rest of the G7.

Inflation in the country has declined substantially since last summer, when its yearly growth peaked at over 9 per cent.

US harmonised inflation generally rose and peaked earlier in the pandemic than the rest of the G7, measured on a 12-month basis.

Going forward, the near-term evolution of inflation remains considerably uncertain across all G7 nations, a White House release said.

Fibre2Fashion News Desk (DS)

More Textiles News - United States Of America...