Lowest 12-month harmonised inflation in US in G7: White House CEA
29 Jun 23 1 min read
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.
According to common inflation definitions, US inflation generally peaked earlier and is now lower than the rest of the G7.
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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.
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Going forward, the near-term evolution of inflation remains considerably uncertain across all G7 nations, a White House release said.
Fibre2Fashion News Desk (DS)
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