January 24, 2022

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Charting the Global Economy: Inflation’s Grip Tightens Further

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U.S. inflation is at an almost four-decade high, price expectations are rising in Japan and soaring energy costs are squeezing European households.

Germany’s economy may have shrunk in final three months of 2021, while the World Bank shaved global growth estimates for this year because of the coronavirus, persistent supply chain disruptions and less fiscal support. In Brazil, inflation clocked in at about 10% last year.

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Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:

U.S.

Consumer prices are likely to extend their eye-popping gains after soaring last year by the most in nearly four decades, further burdening Americans and ramping up pressure on Federal Reserve policy makers to act. Last year, the increase in the consumer price index was largely due to high goods inflation. Excluding food and energy, the price index of goods surged 10.7%, the largest 12-month advance since 1975.

Consumer sentiment declined in early January by more than forecast amid mounting concerns about soaring inflation and the fast-spreading omicron variant. Americans expect prices will rise at an annual rate of 3.1% over the next five to 10 years, the most since 2011.

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Mortgage rates in the U.S., tracking a jump in yields for 10-year Treasuries, rose for a third straight week, reaching the highest point in almost two years. Signs point to borrowing costs rising further, which would increase the burden on home buyers who are already…

Bloomberg News

2022-01-15 06:00:57

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