Western inflation re-accelerates in 2023

Quick Take

• Many Western countries are beginning to see a re-acceleration of inflation as negative real rates (meaning that interest rates are lower than the rate of inflation) continue.
• Last week, the U.S. PCE index reached 4.4%, exceeding expectations.
• The U.K. also saw core inflation re-accelerate to forty-year highs.
• New inflation data for other Western countries, including France, Italy, and Australia, is also troubling.
• According to PIQ, Australia’s CPI came in at 6.8% but was forecasted to come in at 6.4%.
• According to MacroBond, Italy’s CPI year over year came in at 7.6% but was forecasted to come in at 7.4%
• Lastly, according to MacroBond, France’s Core CPI hit new highs at 6.27%.

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