Accessible Version
Accessible Version
Figure 1: Policy Rates across Selected Advanced Economies
Percent
| Date | Australia | Canada | Euro area | Japan | U.K. | U.S. |
|---|---|---|---|---|---|---|
| 1/31/2009 | 4.25 | 1 | 1 | 0.1 | 1.5 | 0.125 |
| 2/28/2009 | 3.25 | 1 | 1 | 0.1 | 1 | 0.125 |
| 3/31/2009 | 3.25 | 0.5 | 0.5 | 0.1 | 0.5 | 0.125 |
| 4/30/2009 | 3 | 0.25 | 0.25 | 0.1 | 0.5 | 0.125 |
| 5/31/2009 | 3 | 0.25 | 0.25 | 0.1 | 0.5 | 0.125 |
| 6/30/2009 | 3 | 0.25 | 0.25 | 0.1 | 0.5 | 0.125 |
| 7/31/2009 | 3 | 0.25 | 0.25 | 0.1 | 0.5 | 0.125 |
| 8/31/2009 | 3 | 0.25 | 0.25 | 0.1 | 0.5 | 0.125 |
| 9/30/2009 | 3 | 0.25 | 0.25 | 0.1 | 0.5 | 0.125 |
| 10/31/2009 | 3.25 | 0.25 | 0.25 | 0.1 | 0.5 | 0.125 |
| 11/30/2009 | 3.5 | 0.25 | 0.25 | 0.1 | 0.5 | 0.125 |
| 12/31/2009 | 3.75 | 0.25 | 0.25 | 0.1 | 0.5 | 0.125 |
| 1/31/2010 | 3.75 | 0.25 | 0.25 | 0.1 | 0.5 | 0.125 |
| 2/28/2010 | 3.75 | 0.25 | 0.25 | 0.1 | 0.5 | 0.125 |
| 3/31/2010 | 4 | 0.25 | 0.25 | 0.1 | 0.5 | 0.125 |
| 4/30/2010 | 4.25 | 0.25 | 0.25 | 0.1 | 0.5 | 0.125 |
| 5/31/2010 | 4.5 | 0.25 | 0.25 | 0.1 | 0.5 | 0.125 |
| 6/30/2010 | 4.5 | 0.5 | 0.25 | 0.1 | 0.5 | 0.125 |
| 7/31/2010 | 4.5 | 0.75 | 0.25 | 0.1 | 0.5 | 0.125 |
| 8/31/2010 | 4.5 | 0.75 | 0.25 | 0.1 | 0.5 | 0.125 |
| 9/30/2010 | 4.5 | 1 | 0.25 | 0.1 | 0.5 | 0.125 |
| 10/31/2010 | 4.5 | 1 | 0.25 | 0.1 | 0.5 | 0.125 |
| 11/30/2010 | 4.75 | 1 | 0.25 | 0.1 | 0.5 | 0.125 |
| 12/31/2010 | 4.75 | 1 | 0.25 | 0.1 | 0.5 | 0.125 |
| 1/31/2011 | 4.75 | 1 | 0.25 | 0.1 | 0.5 | 0.125 |
| 2/28/2011 | 4.75 | 1 | 0.25 | 0.1 | 0.5 | 0.125 |
| 3/31/2011 | 4.75 | 1 | 0.25 | 0.1 | 0.5 | 0.125 |
| 4/30/2011 | 4.75 | 1 | 0.5 | 0.1 | 0.5 | 0.125 |
| 5/31/2011 | 4.75 | 1 | 0.5 | 0.1 | 0.5 | 0.125 |
| 6/30/2011 | 4.75 | 1 | 0.5 | 0.1 | 0.5 | 0.125 |
| 7/31/2011 | 4.75 | 1 | 0.75 | 0.1 | 0.5 | 0.125 |
| 8/31/2011 | 4.75 | 1 | 0.75 | 0.1 | 0.5 | 0.125 |
| 9/30/2011 | 4.75 | 1 | 0.75 | 0.1 | 0.5 | 0.125 |
| 10/31/2011 | 4.75 | 1 | 0.75 | 0.1 | 0.5 | 0.125 |
| 11/30/2011 | 4.5 | 1 | 0.5 | 0.1 | 0.5 | 0.125 |
| 12/31/2011 | 4.25 | 1 | 0.25 | 0.1 | 0.5 | 0.125 |
| 1/31/2012 | 4.25 | 1 | 0.25 | 0.1 | 0.5 | 0.125 |
| 2/29/2012 | 4.25 | 1 | 0.25 | 0.1 | 0.5 | 0.125 |
| 3/31/2012 | 4.25 | 1 | 0.25 | 0.1 | 0.5 | 0.125 |
| 4/30/2012 | 4.25 | 1 | 0.25 | 0.1 | 0.5 | 0.125 |
| 5/31/2012 | 3.75 | 1 | 0.25 | 0.1 | 0.5 | 0.125 |
| 6/30/2012 | 3.5 | 1 | 0.25 | 0.1 | 0.5 | 0.125 |
| 7/31/2012 | 3.5 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 8/31/2012 | 3.5 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 9/30/2012 | 3.5 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 10/31/2012 | 3.25 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 11/30/2012 | 3.25 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 12/31/2012 | 3 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 1/31/2013 | 3 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 2/28/2013 | 3 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 3/31/2013 | 3 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 4/30/2013 | 3 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 5/31/2013 | 2.75 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 6/30/2013 | 2.75 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 7/31/2013 | 2.75 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 8/31/2013 | 2.5 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 9/30/2013 | 2.5 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 10/31/2013 | 2.5 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 11/30/2013 | 2.5 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 12/31/2013 | 2.5 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 1/31/2014 | 2.5 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 2/28/2014 | 2.5 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 3/31/2014 | 2.5 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 4/30/2014 | 2.5 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 5/31/2014 | 2.5 | 1 | 0 | 0.1 | 0.5 | 0.125 |
| 6/30/2014 | 2.5 | 1 | -0.1 | 0.1 | 0.5 | 0.125 |
| 7/31/2014 | 2.5 | 1 | -0.1 | 0.1 | 0.5 | 0.125 |
| 8/31/2014 | 2.5 | 1 | -0.1 | 0.1 | 0.5 | 0.125 |
| 9/30/2014 | 2.5 | 1 | -0.2 | 0.1 | 0.5 | 0.125 |
| 10/31/2014 | 2.5 | 1 | -0.2 | 0.1 | 0.5 | 0.125 |
| 11/30/2014 | 2.5 | 1 | -0.2 | 0.1 | 0.5 | 0.125 |
| 12/31/2014 | 2.5 | 1 | -0.2 | 0.1 | 0.5 | 0.125 |
| 1/31/2015 | 2.5 | 0.75 | -0.2 | 0.1 | 0.5 | 0.125 |
| 2/28/2015 | 2.25 | 0.75 | -0.2 | 0.1 | 0.5 | 0.125 |
| 3/31/2015 | 2.25 | 0.75 | -0.2 | 0.1 | 0.5 | 0.125 |
| 4/30/2015 | 2.25 | 0.75 | -0.2 | 0.1 | 0.5 | 0.125 |
| 5/31/2015 | 2 | 0.75 | -0.2 | 0.1 | 0.5 | 0.125 |
| 6/30/2015 | 2 | 0.75 | -0.2 | 0.1 | 0.5 | 0.125 |
| 7/31/2015 | 2 | 0.5 | -0.2 | 0.1 | 0.5 | 0.125 |
| 8/31/2015 | 2 | 0.5 | -0.2 | 0.1 | 0.5 | 0.125 |
| 9/30/2015 | 2 | 0.5 | -0.2 | 0.1 | 0.5 | 0.125 |
| 10/31/2015 | 2 | 0.5 | -0.2 | 0.1 | 0.5 | 0.125 |
| 11/30/2015 | 2 | 0.5 | -0.2 | 0.1 | 0.5 | 0.125 |
| 12/31/2015 | 2 | 0.5 | -0.3 | 0.1 | 0.5 | 0.375 |
| 1/31/2016 | 2 | 0.5 | -0.3 | -0.1 | 0.5 | 0.375 |
| 2/29/2016 | 2 | 0.5 | -0.3 | -0.1 | 0.5 | 0.375 |
| 3/31/2016 | 2 | 0.5 | -0.4 | -0.1 | 0.5 | 0.375 |
| 4/30/2016 | 2 | 0.5 | -0.4 | -0.1 | 0.5 | 0.375 |
| 5/31/2016 | 1.75 | 0.5 | -0.4 | -0.1 | 0.5 | 0.375 |
| 6/30/2016 | 1.75 | 0.5 | -0.4 | -0.1 | 0.5 | 0.375 |
| 7/31/2016 | 1.75 | 0.5 | -0.4 | -0.1 | 0.5 | 0.375 |
| 8/31/2016 | 1.5 | 0.5 | -0.4 | -0.1 | 0.25 | 0.375 |
| 9/30/2016 | 1.5 | 0.5 | -0.4 | -0.1 | 0.25 | 0.375 |
| 10/31/2016 | 1.5 | 0.5 | -0.4 | -0.1 | 0.25 | 0.375 |
| 11/30/2016 | 1.5 | 0.5 | -0.4 | -0.1 | 0.25 | 0.375 |
| 12/31/2016 | 1.5 | 0.5 | -0.4 | -0.1 | 0.25 | 0.625 |
| 1/31/2017 | 1.5 | 0.5 | -0.4 | -0.1 | 0.25 | 0.625 |
| 2/28/2017 | 1.5 | 0.5 | -0.4 | -0.1 | 0.25 | 0.625 |
| 3/31/2017 | 1.5 | 0.5 | -0.4 | -0.1 | 0.25 | 0.875 |
| 4/30/2017 | 1.5 | 0.5 | -0.4 | -0.1 | 0.25 | 0.875 |
| 5/31/2017 | 1.5 | 0.5 | -0.4 | -0.1 | 0.25 | 0.875 |
| 6/30/2017 | 1.5 | 0.5 | -0.4 | -0.1 | 0.25 | 1.125 |
| 7/31/2017 | 1.5 | 0.75 | -0.4 | -0.1 | 0.25 | 1.125 |
| 8/31/2017 | 1.5 | 0.75 | -0.4 | -0.1 | 0.25 | 1.125 |
| 9/30/2017 | 1.5 | 1 | -0.4 | -0.1 | 0.25 | 1.125 |
| 10/31/2017 | 1.5 | 1 | -0.4 | -0.1 | 0.25 | 1.125 |
| 11/30/2017 | 1.5 | 1 | -0.4 | -0.1 | 0.5 | 1.125 |
| 12/31/2017 | 1.5 | 1 | -0.4 | -0.1 | 0.5 | 1.375 |
| 1/31/2018 | 1.5 | 1.25 | -0.4 | -0.1 | 0.5 | 1.375 |
| 2/28/2018 | 1.5 | 1.25 | -0.4 | -0.1 | 0.5 | 1.375 |
| 3/31/2018 | 1.5 | 1.25 | -0.4 | -0.1 | 0.5 | 1.625 |
| 4/30/2018 | 1.5 | 1.25 | -0.4 | -0.1 | 0.5 | 1.625 |
| 5/31/2018 | 1.5 | 1.25 | -0.4 | -0.1 | 0.5 | 1.625 |
| 6/30/2018 | 1.5 | 1.25 | -0.4 | -0.1 | 0.5 | 1.875 |
| 7/31/2018 | 1.5 | 1.5 | -0.4 | -0.1 | 0.5 | 1.875 |
| 8/31/2018 | 1.5 | 1.5 | -0.4 | -0.1 | 0.75 | 1.875 |
| 9/30/2018 | 1.5 | 1.5 | -0.4 | -0.1 | 0.75 | 2.125 |
| 10/31/2018 | 1.5 | 1.75 | -0.4 | -0.1 | 0.75 | 2.125 |
| 11/30/2018 | 1.5 | 1.75 | -0.4 | -0.1 | 0.75 | 2.125 |
| 12/31/2018 | 1.5 | 1.75 | -0.4 | -0.1 | 0.75 | 2.375 |
| 1/31/2019 | 1.5 | 1.75 | -0.4 | -0.1 | 0.75 | 2.375 |
| 2/28/2019 | 1.5 | 1.75 | -0.4 | -0.1 | 0.75 | 2.375 |
| 3/31/2019 | 1.5 | 1.75 | -0.4 | -0.1 | 0.75 | 2.375 |
| 4/30/2019 | 1.5 | 1.75 | -0.4 | -0.1 | 0.75 | 2.375 |
| 5/31/2019 | 1.5 | 1.75 | -0.4 | -0.1 | 0.75 | 2.375 |
| 6/30/2019 | 1.25 | 1.75 | -0.4 | -0.1 | 0.75 | 2.375 |
| 7/31/2019 | 1 | 1.75 | -0.4 | -0.1 | 0.75 | 2.375 |
| 8/31/2019 | 1 | 1.75 | -0.4 | -0.1 | 0.75 | 2.125 |
| 9/30/2019 | 1 | 1.75 | -0.5 | -0.1 | 0.75 | 1.875 |
| 10/31/2019 | 0.75 | 1.75 | -0.5 | -0.1 | 0.75 | 1.625 |
| 11/30/2019 | 0.75 | 1.75 | -0.5 | -0.1 | 0.75 | 1.625 |
| 12/31/2019 | 0.75 | 1.75 | -0.5 | -0.1 | 0.75 | 1.625 |
| 1/31/2020 | 0.75 | 1.75 | -0.5 | -0.1 | 0.75 | 1.625 |
| 2/29/2020 | 0.75 | 1.75 | -0.5 | -0.1 | 0.75 | 1.625 |
| 3/31/2020 | 0.25 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 4/30/2020 | 0.25 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 5/31/2020 | 0.25 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 6/30/2020 | 0.25 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 7/31/2020 | 0.25 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 8/31/2020 | 0.25 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 9/30/2020 | 0.25 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 10/31/2020 | 0.25 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 11/30/2020 | 0.1 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 12/31/2020 | 0.1 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 1/31/2021 | 0.1 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 2/28/2021 | 0.1 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 3/31/2021 | 0.1 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 4/30/2021 | 0.1 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 5/31/2021 | 0.1 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 6/30/2021 | 0.1 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 7/31/2021 | 0.1 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 8/31/2021 | 0.1 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 9/30/2021 | 0.1 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 10/31/2021 | 0.1 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 11/30/2021 | 0.1 | 0.25 | -0.5 | -0.1 | 0.1 | 0.125 |
| 12/31/2021 | 0.1 | 0.25 | -0.5 | -0.1 | 0.25 | 0.125 |
| 1/31/2022 | 0.1 | 0.25 | -0.5 | -0.1 | 0.25 | 0.125 |
| 2/28/2022 | 0.1 | 0.25 | -0.5 | -0.1 | 0.5 | 0.125 |
| 3/31/2022 | 0.1 | 0.5 | -0.5 | -0.1 | 0.75 | 0.375 |
| 4/30/2022 | 0.1 | 1 | -0.5 | -0.1 | 0.75 | 0.375 |
| 5/31/2022 | 0.35 | 1 | -0.5 | -0.1 | 1 | 0.875 |
| 6/30/2022 | 0.85 | 1.5 | -0.5 | -0.1 | 1.25 | 1.625 |
| 7/31/2022 | 1.35 | 2.5 | 0 | -0.1 | 1.25 | 2.375 |
| 8/31/2022 | 1.85 | 2.5 | 0 | -0.1 | 1.75 | 2.375 |
| 9/30/2022 | 2.35 | 3.25 | 0.75 | -0.1 | 2.25 | 3.125 |
| 10/31/2022 | 2.6 | 3.75 | 1.5 | -0.1 | 2.25 | 3.125 |
| 11/30/2022 | 2.85 | 3.75 | 1.5 | -0.1 | 3 | 3.875 |
| 12/31/2022 | 3.1 | 4.25 | 2 | -0.1 | 3.5 | 4.375 |
| 1/31/2023 | 3.1 | 4.5 | 2 | -0.1 | 3.5 | 4.375 |
| 2/28/2023 | 3.35 | 4.5 | 2.5 | -0.1 | 4 | 4.625 |
| 3/31/2023 | 3.6 | 4.5 | 3 | -0.1 | 4.25 | 4.875 |
| 4/30/2023 | 3.6 | 4.5 | 3 | -0.1 | 4.25 | 4.875 |
| 5/31/2023 | 3.85 | 4.5 | 3.25 | -0.1 | 4.5 | 5.125 |
| 6/30/2023 | 4.1 | 4.75 | 3.5 | -0.1 | 5 | 5.125 |
| 7/31/2023 | 4.1 | 5 | 3.75 | -0.1 | 5 | 5.375 |
| 8/31/2023 | 4.1 | 5 | 3.75 | -0.1 | 5.25 | 5.375 |
| 9/30/2023 | 4.1 | 5 | 4 | -0.1 | 5.25 | 5.375 |
| 10/31/2023 | 4.1 | 5 | 4 | -0.1 | 5.25 | 5.375 |
| 11/30/2023 | 4.35 | 5 | 4 | -0.1 | 5.25 | 5.375 |
| 12/31/2023 | 4.35 | 5 | 4 | -0.1 | 5.25 | 5.375 |
| 1/31/2024 | 4.35 | 5 | 4 | -0.1 | 5.25 | 5.375 |
| 2/29/2024 | 4.35 | 5 | 4 | -0.1 | 5.25 | 5.375 |
| 3/31/2024 | 4.35 | 5 | 4 | -0.1 | 5.25 | 5.375 |
| 4/30/2024 | 4.35 | 5 | 4 | -0.1 | 5.25 | 5.375 |
| 5/31/2024 | 4.35 | 5 | 4 | -0.1 | 5.25 | 5.375 |
| 6/30/2024 | 4.35 | 4.75 | 3.75 | -0.1 | 5.25 | 5.375 |
| 7/31/2024 | -0.1 |
Note: Data extend through July 2024.
Source: National sources via Haver Analytics.
Figure 2: Inflation across Selected Economies since 2008
Headline Inflation
4-quarter percent changes
| Date | Australia | Germany | Korea | Mexico | U.K. | U.S. | World |
|---|---|---|---|---|---|---|---|
| 2/15/2008 | 4.272517 | 2.823723 | 3.736637 | 3.786586 | 2.515601 | 4.053752 | 3.255928 |
| 5/16/2008 | 4.446978 | 2.924753 | 4.726357 | 4.803338 | 3.306084 | 4.220110 | 3.609902 |
| 8/15/2008 | 4.983012 | 3.023485 | 5.401363 | 5.352784 | 4.382545 | 5.119211 | 4.277526 |
| 11/15/2008 | 3.703704 | 1.621657 | 4.394101 | 6.019272 | 3.618369 | 1.583199 | 2.145505 |
| 2/15/2009 | 2.436323 | 0.808781 | 3.811061 | 5.947896 | 2.914529 | -0.184407 | 0.789806 |
| 5/16/2009 | 1.419214 | 0.268659 | 2.744997 | 5.794256 | 1.993163 | -0.946609 | -0.026373 |
| 8/15/2009 | 1.186624 | -0.191093 | 1.983430 | 5.032018 | 1.293284 | -1.620010 | -0.712498 |
| 11/15/2009 | 2.056277 | 0.420409 | 2.375017 | 3.911382 | 1.592152 | 1.476704 | 0.830744 |
| 2/15/2010 | 2.918919 | 0.954387 | 2.885753 | 4.612313 | 2.309396 | 2.325318 | 1.690784 |
| 5/16/2010 | 3.121636 | 1.370405 | 2.667392 | 3.878625 | 2.510913 | 1.759696 | 1.571398 |
| 8/15/2010 | 2.878465 | 1.103297 | 2.859039 | 3.624173 | 2.316135 | 1.195707 | 1.340567 |
| 11/15/2010 | 2.757158 | 1.326024 | 3.166808 | 4.176068 | 2.708381 | 1.222286 | 1.570165 |
| 2/15/2011 | 3.256303 | 1.769956 | 3.717143 | 3.372054 | 3.493643 | 2.125475 | 2.087740 |
| 5/16/2011 | 3.549061 | 1.983976 | 3.946079 | 3.244047 | 3.669801 | 3.291347 | 2.705579 |
| 8/15/2011 | 3.419689 | 2.318729 | 4.247346 | 3.330500 | 4.017184 | 3.648574 | 2.944691 |
| 11/15/2011 | 2.992776 | 2.196255 | 3.869791 | 3.441703 | 3.947409 | 3.290002 | 2.692225 |
| 2/15/2012 | 1.627670 | 2.105344 | 2.934806 | 3.791537 | 3.060740 | 2.790034 | 2.369196 |
| 5/16/2012 | 1.209677 | 1.763448 | 2.434068 | 3.795716 | 2.501452 | 1.870320 | 1.824258 |
| 8/15/2012 | 2.004008 | 1.904126 | 1.606726 | 4.493498 | 2.210225 | 1.670825 | 1.704318 |
| 11/15/2012 | 2.204409 | 1.860351 | 1.674506 | 4.029641 | 2.398867 | 1.885675 | 1.748722 |
| 2/15/2013 | 2.502503 | 1.523424 | 1.544514 | 3.609541 | 2.423944 | 1.725236 | 1.523463 |
| 5/16/2013 | 2.390438 | 1.661291 | 1.221768 | 4.367512 | 2.338481 | 1.404809 | 1.337264 |
| 8/15/2013 | 2.161100 | 1.619024 | 1.365686 | 3.382469 | 2.365963 | 1.493741 | 1.457447 |
| 11/15/2013 | 2.745098 | 1.328328 | 1.040083 | 3.580825 | 1.939163 | 1.200082 | 1.256544 |
| 2/15/2014 | 2.929688 | 1.287570 | 1.130841 | 4.077923 | 1.628806 | 1.419778 | 1.359812 |
| 5/16/2014 | 3.015564 | 0.926925 | 1.603203 | 3.521116 | 1.618379 | 2.058999 | 1.820406 |
| 8/15/2014 | 2.307692 | 0.852888 | 1.371651 | 4.062420 | 1.480014 | 1.775122 | 1.579334 |
| 11/15/2014 | 1.717557 | 0.568989 | 0.959080 | 4.099515 | 1.039060 | 1.157278 | 1.137113 |
| 2/15/2015 | 1.328273 | 0.531636 | 0.710748 | 3.017692 | 0.403097 | -0.112958 | 0.370304 |
| 5/16/2015 | 1.510859 | 0.812870 | 0.564963 | 2.903761 | 0.367218 | 0.036999 | 0.340551 |
| 8/15/2015 | 1.503759 | 0.353229 | 0.651474 | 2.571052 | 0.333335 | 0.158480 | 0.298892 |
| 11/15/2015 | 1.688555 | 0.741925 | 0.888341 | 2.249348 | 0.366118 | 0.399672 | 0.453714 |
| 2/15/2016 | 1.310861 | 0.247128 | 0.870288 | 2.665792 | 0.701517 | 0.986949 | 0.675868 |
| 5/16/2016 | 1.023256 | 0.210964 | 0.842911 | 2.535776 | 0.763488 | 1.103917 | 0.679793 |
| 8/15/2016 | 1.296296 | 0.492439 | 0.742367 | 2.723262 | 1.026325 | 1.150508 | 0.781562 |
| 11/15/2016 | 1.476015 | 0.876122 | 1.407204 | 3.193056 | 1.516677 | 1.790846 | 1.291153 |
| 2/15/2017 | 2.125693 | 1.574285 | 2.188840 | 4.872944 | 2.140706 | 2.554235 | 1.978129 |
| 5/16/2017 | 1.933702 | 1.291243 | 1.912102 | 5.941921 | 2.546660 | 1.872943 | 1.662449 |
| 8/15/2017 | 1.828154 | 1.497506 | 2.212652 | 6.227855 | 2.665092 | 1.926265 | 1.723084 |
| 11/15/2017 | 1.909091 | 1.386018 | 1.393471 | 6.397337 | 2.743432 | 2.085879 | 1.778222 |
| 2/15/2018 | 1.900452 | 1.310368 | 1.079079 | 5.209925 | 2.446213 | 2.223708 | 1.806098 |
| 5/16/2018 | 2.077687 | 1.752925 | 1.491717 | 4.466087 | 2.263046 | 2.651329 | 2.057565 |
| 8/15/2018 | 1.885099 | 1.951117 | 1.545221 | 4.733449 | 2.282914 | 2.575466 | 2.187600 |
| 11/15/2018 | 1.784121 | 2.009947 | 1.745170 | 4.724211 | 2.079470 | 2.189376 | 1.926394 |
| 2/15/2019 | 1.332149 | 1.462358 | 0.552046 | 4.071488 | 1.796170 | 1.616877 | 1.411790 |
| 5/16/2019 | 1.592920 | 1.622206 | 0.651076 | 4.119608 | 1.904224 | 1.805977 | 1.590137 |
| 8/15/2019 | 1.674009 | 1.346817 | 0.048621 | 3.186613 | 1.771062 | 1.734274 | 1.341489 |
| 11/15/2019 | 1.840491 | 1.173529 | 0.285755 | 2.927329 | 1.424177 | 2.027884 | 1.457568 |
| 2/15/2020 | 2.191060 | 1.507819 | 0.979389 | 3.396875 | 1.641669 | 2.101663 | 1.556171 |
| 5/16/2020 | -0.348432 | 0.834589 | -0.005018 | 2.709046 | 0.800745 | 0.421709 | 0.332494 |
| 8/15/2020 | 0.693241 | -0.066910 | 0.713798 | 3.764203 | 0.766989 | 1.223438 | 0.702390 |
| 11/15/2020 | 0.860585 | -0.066687 | 0.460170 | 3.490882 | 0.735070 | 1.218527 | 0.605912 |
| 2/15/2021 | 1.114923 | 1.485421 | 1.425535 | 3.951740 | 0.886990 | 1.877026 | 1.281977 |
| 5/16/2021 | 3.846154 | 2.170421 | 2.443306 | 5.761397 | 2.064430 | 4.685760 | 2.990213 |
| 8/15/2021 | 3.012048 | 3.808736 | 2.489274 | 5.591065 | 2.624191 | 5.130806 | 3.484386 |
| 11/15/2021 | 3.498294 | 4.595883 | 3.503165 | 6.787390 | 4.329678 | 6.535470 | 4.715991 |
| 2/15/2022 | 5.089059 | 4.704118 | 3.846568 | 7.043733 | 5.365045 | 7.717891 | 5.752021 |
| 5/16/2022 | 6.144781 | 6.425389 | 5.231285 | 7.462943 | 7.633763 | 8.243994 | 6.856373 |
| 8/15/2022 | 7.268170 | 7.118118 | 5.656885 | 8.154554 | 8.390547 | 7.963056 | 7.185764 |
| 11/15/2022 | 7.831822 | 8.251474 | 5.097678 | 7.718031 | 8.992942 | 6.850685 | 6.952050 |
| 2/15/2023 | 7.021792 | 7.900818 | 4.506138 | 7.200459 | 8.595265 | 5.590592 | 5.987095 |
| 5/16/2023 | 6.026963 | 6.324112 | 3.208158 | 5.545040 | 7.402842 | 3.952416 | 4.623180 |
| 8/15/2023 | 5.373832 | 5.430408 | 3.063759 | 4.515344 | 6.157423 | 3.499792 | 3.967844 |
| 11/15/2023 | 4.051988 | 3.487883 | 3.355917 | 4.325561 | 4.261528 | 3.184892 | 3.169815 |
| 2/15/2024 | 3.619910 | 2.510117 | 2.970656 | 4.472592 | 4.388924 | 3.197524 | 2.994285 |
Core Inflation
4-quarter percent changes
| Date | Australia | Germany | Korea | Mexico | U.K. | U.S. | World |
|---|---|---|---|---|---|---|---|
| 2/15/2008 | 3.319168 | 1.580714 | 2.810049 | 3.372056 | 1.658874 | 2.354779 | 1.911018 |
| 5/16/2008 | 4.242633 | 1.202724 | 3.278598 | 3.895255 | 1.823059 | 2.312606 | 1.926654 |
| 8/15/2008 | 3.523831 | 1.350637 | 3.802736 | 4.475795 | 2.205216 | 2.463642 | 2.116263 |
| 11/15/2008 | 3.634324 | 1.292018 | 4.133394 | 5.056230 | 1.933142 | 1.958624 | 1.897519 |
| 2/15/2009 | 3.534904 | 1.244674 | 3.733578 | 5.103723 | 1.744927 | 1.753259 | 1.635462 |
| 5/16/2009 | 2.463975 | 1.327955 | 3.050792 | 4.984379 | 1.621810 | 1.826482 | 1.508897 |
| 8/15/2009 | 2.520183 | 1.129593 | 2.628750 | 4.463069 | 1.555485 | 1.471732 | 1.177976 |
| 11/15/2009 | 1.872497 | 1.040953 | 2.293785 | 3.930113 | 1.595904 | 1.720520 | 1.185496 |
| 2/15/2010 | 2.233197 | 0.760785 | 2.059857 | 4.461036 | 1.937020 | 1.332678 | 1.145170 |
| 5/16/2010 | 3.424584 | 0.630780 | 1.806679 | 4.172178 | 1.960629 | 0.925931 | 0.930182 |
| 8/15/2010 | 3.160583 | 0.565366 | 1.817426 | 4.020642 | 1.872523 | 0.842780 | 0.905594 |
| 11/15/2010 | 3.028049 | 0.511126 | 1.642725 | 4.008872 | 2.129029 | 0.709898 | 0.923764 |
| 2/15/2011 | 2.131905 | 0.776229 | 2.115958 | 3.250831 | 2.648149 | 1.087246 | 1.139408 |
| 5/16/2011 | 1.556986 | 0.901817 | 2.671768 | 2.990732 | 2.795632 | 1.491527 | 1.423527 |
| 8/15/2011 | 1.217248 | 0.900090 | 2.687047 | 2.879435 | 2.814040 | 1.890304 | 1.590474 |
| 11/15/2011 | 2.062494 | 1.025003 | 2.643800 | 2.689242 | 2.766440 | 2.138953 | 1.665670 |
| 2/15/2012 | 2.395887 | 1.263039 | 2.135845 | 2.458550 | 2.263602 | 2.207592 | 1.659792 |
| 5/16/2012 | 2.207686 | 1.238605 | 1.484671 | 2.642351 | 1.965117 | 2.225349 | 1.621342 |
| 8/15/2012 | 2.456176 | 1.246681 | 1.232489 | 2.755538 | 1.944680 | 1.970650 | 1.495792 |
| 11/15/2012 | 2.243104 | 1.471457 | 1.353939 | 2.511050 | 2.194661 | 1.922120 | 1.486658 |
| 2/15/2013 | 1.817634 | 1.205963 | 1.444338 | 2.613892 | 1.975707 | 1.912690 | 1.392597 |
| 5/16/2013 | 1.820000 | 1.079066 | 1.504739 | 2.945813 | 1.958197 | 1.646606 | 1.280036 |
| 8/15/2013 | 1.740774 | 1.272453 | 1.436305 | 2.744877 | 1.866499 | 1.724923 | 1.350088 |
| 11/15/2013 | 1.759067 | 1.276395 | 1.636050 | 3.047423 | 1.556176 | 1.697924 | 1.361394 |
| 2/15/2014 | 2.012033 | 1.538173 | 1.516594 | 3.399429 | 1.520317 | 1.586738 | 1.376826 |
| 5/16/2014 | 2.524062 | 1.342858 | 1.811171 | 3.067218 | 1.758558 | 1.871848 | 1.650638 |
| 8/15/2014 | 2.033633 | 1.175223 | 1.835867 | 3.183100 | 1.650573 | 1.797802 | 1.581033 |
| 11/15/2014 | 1.806351 | 1.169368 | 1.457034 | 3.129760 | 1.451728 | 1.771285 | 1.545451 |
| 2/15/2015 | 1.856328 | 1.113144 | 2.383736 | 2.362199 | 1.417173 | 1.773896 | 1.557848 |
| 5/16/2015 | 1.293227 | 1.806210 | 2.211270 | 2.335600 | 1.088606 | 1.819152 | 1.443670 |
| 8/15/2015 | 2.251821 | 1.842116 | 2.453055 | 2.379864 | 1.245252 | 1.902720 | 1.524686 |
| 11/15/2015 | 2.251264 | 1.435263 | 2.544513 | 2.413377 | 1.371321 | 2.048724 | 1.556249 |
| 2/15/2016 | 2.297105 | 1.369271 | 1.855044 | 2.672408 | 1.486536 | 2.239308 | 1.593691 |
| 5/16/2016 | 1.796860 | 1.054424 | 2.016059 | 2.566409 | 1.532066 | 2.217193 | 1.541254 |
| 8/15/2016 | 1.199513 | 1.150345 | 1.867185 | 2.752013 | 1.535060 | 2.250721 | 1.534625 |
| 11/15/2016 | 1.203470 | 1.228104 | 1.703385 | 2.934650 | 1.685682 | 2.149463 | 1.472337 |
| 2/15/2017 | 1.391853 | 1.027069 | 1.724178 | 3.756175 | 1.902951 | 2.128597 | 1.475133 |
| 5/16/2017 | 1.978818 | 1.209751 | 1.512444 | 4.495352 | 2.409288 | 1.809355 | 1.435821 |
| 8/15/2017 | 2.444671 | 1.390413 | 1.428524 | 4.520599 | 2.475255 | 1.694807 | 1.412532 |
| 11/15/2017 | 2.378319 | 1.203478 | 1.424924 | 4.637154 | 2.376236 | 1.791408 | 1.442111 |
| 2/15/2018 | 2.104878 | 1.366139 | 1.149160 | 4.121615 | 2.210139 | 1.937398 | 1.511924 |
| 5/16/2018 | 2.004191 | 1.204951 | 1.356246 | 3.555562 | 1.842972 | 2.225217 | 1.577441 |
| 8/15/2018 | 1.636084 | 1.217754 | 1.046223 | 3.487404 | 1.786438 | 2.215965 | 1.581535 |
| 11/15/2018 | 2.025932 | 1.381197 | 1.091235 | 3.373028 | 1.797419 | 2.186543 | 1.557318 |
| 2/15/2019 | 1.756745 | 1.146728 | 0.965080 | 3.318282 | 1.770956 | 2.120827 | 1.484589 |
| 5/16/2019 | 1.848709 | 1.476537 | 0.657053 | 3.529361 | 1.735259 | 2.117872 | 1.545553 |
| 8/15/2019 | 1.752046 | 1.600952 | 0.732537 | 3.525485 | 1.671769 | 2.318603 | 1.628454 |
| 11/15/2019 | 1.147295 | 1.636416 | 0.579053 | 3.494452 | 1.581280 | 2.347898 | 1.685271 |
| 2/15/2020 | 1.541443 | 1.313550 | 0.398600 | 3.449964 | 1.657527 | 2.300300 | 1.632491 |
| 5/16/2020 | 0.429674 | 0.578886 | 0.227533 | 3.046264 | 1.366848 | 1.428892 | 0.996150 |
| 8/15/2020 | 1.092562 | -0.559321 | 0.453941 | 3.162992 | 1.388845 | 1.765994 | 1.054760 |
| 11/15/2020 | 1.291336 | -0.160549 | 0.330733 | 2.978243 | 1.392984 | 1.772437 | 1.036334 |
| 2/15/2021 | 1.231783 | 1.399153 | 0.820641 | 3.087984 | 1.331891 | 1.624055 | 1.201626 |
| 5/16/2021 | 2.532088 | 1.586512 | 1.176760 | 3.643112 | 1.889934 | 3.585493 | 2.067165 |
| 8/15/2021 | 2.075048 | 2.978306 | 1.340290 | 3.882467 | 2.489753 | 3.955882 | 2.427422 |
| 11/15/2021 | 2.299940 | 3.272879 | 2.146605 | 4.534044 | 3.470210 | 4.879796 | 3.095807 |
| 2/15/2022 | 2.999143 | 2.768115 | 2.733554 | 5.178756 | 4.474723 | 6.168167 | 3.846243 |
| 5/16/2022 | 3.534020 | 3.675675 | 3.386096 | 5.655603 | 5.140128 | 6.033732 | 4.401264 |
| 8/15/2022 | 4.997459 | 4.015370 | 3.970045 | 6.128268 | 5.461103 | 6.313537 | 4.893322 |
| 11/15/2022 | 5.978444 | 4.917346 | 4.053387 | 6.325677 | 5.598082 | 6.054229 | 5.060087 |
| 2/15/2023 | 6.347754 | 5.522659 | 3.872839 | 6.299683 | 5.405808 | 5.426452 | 4.965319 |
| 5/16/2023 | 6.497779 | 5.365611 | 3.607360 | 5.855225 | 6.183096 | 5.011715 | 4.811532 |
| 8/15/2023 | 5.348500 | 5.038869 | 3.118368 | 5.200863 | 5.872721 | 4.197237 | 4.251233 |
| 11/15/2023 | 5.283648 | 3.743385 | 2.866828 | 4.733316 | 5.198708 | 3.935584 | 3.764053 |
| 2/15/2024 | 3.801924 | 3.009784 | 2.458108 | 4.292690 | 4.745621 | 3.830905 | 3.411076 |
Note: Inflation series are 4-quarter percent changes of consumer price indexes, and world inflation is GDP-weighted 4-quarter percent change of consumer price indexes for selected economies. Data extend through 2024:Q1. Shaded area refers to period in which the World Health Organization declared COVID-19 a public health emergency. World inflation, the red line, is a GDP-weighted average of the inflation measures for 26 economies.
Source: National sources via Haver Analytics; FRB staff calculations; World Health Organization.
Figure 3: Global Components of World Inflation
4-quarter percent change
| Date | Headline | Core | Noncore | |||
|---|---|---|---|---|---|---|
| World headline inflation | Global component | World core inflation | Global component | World noncore inflation | Global component | |
| 10/1/1962 | 2.814194 | -1.596083863 | 2.611813 | -1.855003814 | 3.122515 | -0.964229683 |
| 1/1/1963 | 3.237946 | -1.385226017 | 2.979455 | -1.565359077 | 3.754195 | -0.955915776 |
| 4/1/1963 | 2.741827 | -1.323775763 | 2.786307 | -1.411684509 | 2.547352 | -1.124501476 |
| 7/1/1963 | 2.886738 | -1.331885395 | 2.849916 | -1.315323638 | 2.921413 | -1.403170315 |
| 10/1/1963 | 3.157616 | -1.410734853 | 3.020265 | -1.298431202 | 3.436339 | -1.729627159 |
| 1/1/1964 | 2.650317 | -1.501241844 | 2.758338 | -1.332912891 | 2.301102 | -1.957137908 |
| 4/1/1964 | 2.863798 | -1.540834222 | 2.776584 | -1.344124114 | 3.034351 | -2.075409121 |
| 7/1/1964 | 2.930697 | -1.570081492 | 2.966667 | -1.34771035 | 2.781828 | -2.174796359 |
| 10/1/1964 | 2.869153 | -1.597180648 | 3.110731 | -1.354068932 | 2.286979 | -2.245032156 |
| 1/1/1965 | 2.942034 | -1.632585139 | 3.197341 | -1.370833339 | 2.226884 | -2.320939002 |
| 4/1/1965 | 3.25705 | -1.677088721 | 3.348703 | -1.394886654 | 2.938548 | -2.403559353 |
| 7/1/1965 | 3.396823 | -1.70850291 | 3.265063 | -1.427190567 | 3.644363 | -2.411971897 |
| 10/1/1965 | 3.414071 | -1.701376418 | 3.186622 | -1.439901028 | 3.909016 | -2.34454008 |
| 1/1/1966 | 3.611181 | -1.654906801 | 3.183455 | -1.423872684 | 4.795656 | -2.211375973 |
| 4/1/1966 | 3.686714 | -1.5831953 | 3.446143 | -1.385158522 | 4.339995 | -2.051792537 |
| 7/1/1966 | 3.575373 | -1.500786991 | 3.557453 | -1.326881061 | 3.645724 | -1.905848594 |
| 10/1/1966 | 3.589438 | -1.407205796 | 3.615434 | -1.262465615 | 3.51483 | -1.729500053 |
| 1/1/1967 | 3.218328 | -1.2843645 | 3.718538 | -1.178667364 | 1.943669 | -1.507169092 |
| 4/1/1967 | 2.883148 | -1.135430245 | 3.377937 | -1.073631597 | 1.64998 | -1.246902707 |
| 7/1/1967 | 3.014107 | -0.981693489 | 3.40199 | -0.946607068 | 2.09831 | -1.038364052 |
| 10/1/1967 | 3.065979 | -0.888452691 | 3.6161 | -0.836080178 | 1.773954 | -1.00413702 |
| 1/1/1968 | 3.504503 | -0.878898591 | 3.780622 | -0.785473413 | 2.81713 | -1.098322623 |
| 4/1/1968 | 3.638471 | -0.916164009 | 3.899367 | -0.780448901 | 3.012603 | -1.245197669 |
| 7/1/1968 | 3.725167 | -0.955313387 | 4.074685 | -0.80454341 | 2.859021 | -1.315801136 |
| 10/1/1968 | 3.842422 | -0.920047212 | 4.087951 | -0.807388231 | 3.25041 | -1.178313339 |
| 1/1/1969 | 4.180118 | -0.786965431 | 4.316606 | -0.749777365 | 3.839192 | -0.86009016 |
| 4/1/1969 | 4.587939 | -0.56532367 | 4.677959 | -0.607471144 | 4.330986 | -0.444626372 |
| 7/1/1969 | 4.637557 | -0.306071532 | 4.747118 | -0.418857867 | 4.380062 | -0.008415662 |
| 10/1/1969 | 4.881931 | -0.06152292 | 4.903121 | -0.210169046 | 4.811665 | 0.317815678 |
| 1/1/1970 | 5.372767 | 0.10786721 | 5.254694 | -0.03497671 | 5.646053 | 0.469406166 |
| 4/1/1970 | 5.308959 | 0.205583874 | 5.390868 | 0.081026067 | 5.115032 | 0.528119445 |
| 7/1/1970 | 5.502911 | 0.25778593 | 5.510153 | 0.152912258 | 5.365515 | 0.526477812 |
| 10/1/1970 | 5.791363 | 0.283248952 | 5.957269 | 0.190324201 | 5.193484 | 0.521075699 |
| 1/1/1971 | 5.328326 | 0.315803465 | 5.754423 | 0.223391879 | 4.136489 | 0.545652254 |
| 4/1/1971 | 5.449292 | 0.356900331 | 5.728832 | 0.259766655 | 4.648108 | 0.589458255 |
| 7/1/1971 | 5.59187 | 0.406970349 | 5.76339 | 0.306208261 | 5.09299 | 0.644963052 |
| 10/1/1971 | 5.214698 | 0.456119831 | 5.208268 | 0.350276528 | 5.162382 | 0.70343509 |
| 1/1/1972 | 4.877071 | 0.509931297 | 4.934408 | 0.395332756 | 4.683883 | 0.781842473 |
| 4/1/1972 | 4.659299 | 0.592630572 | 4.68435 | 0.451247064 | 4.487051 | 0.939247884 |
| 7/1/1972 | 4.752896 | 0.761220693 | 4.768608 | 0.540708256 | 4.599935 | 1.326862623 |
| 10/1/1972 | 5.066888 | 1.134565574 | 5.04407 | 0.734208221 | 5.121316 | 2.181137434 |
| 1/1/1973 | 5.86304 | 1.834914443 | 5.273821 | 1.130740162 | 7.325646 | 3.667215283 |
| 4/1/1973 | 7.385363 | 2.946221267 | 6.242565 | 1.816476301 | 10.24924 | 5.865884767 |
| 7/1/1973 | 8.232635 | 4.458497162 | 6.773269 | 2.829783959 | 11.95845 | 8.624090651 |
| 10/1/1973 | 9.689211 | 6.225078986 | 7.760965 | 4.132671588 | 14.52977 | 11.51964162 |
| 1/1/1974 | 11.79754 | 7.928966666 | 9.241914 | 5.573700696 | 17.97051 | 13.79086435 |
| 4/1/1974 | 12.49712 | 9.118176518 | 10.25749 | 6.800925203 | 17.71921 | 14.81081773 |
| 7/1/1974 | 13.40082 | 9.561133488 | 11.5868 | 7.564685558 | 17.37906 | 14.38745253 |
| 10/1/1974 | 13.86833 | 9.199190107 | 12.57245 | 7.723254385 | 16.36738 | 12.67061134 |
| 1/1/1975 | 12.57779 | 8.237209006 | 12.08326 | 7.305324524 | 13.06066 | 10.33495774 |
| 4/1/1975 | 11.676 | 7.04276238 | 11.52187 | 6.522475637 | 11.41105 | 8.099589279 |
| 7/1/1975 | 10.70062 | 5.932962675 | 10.36105 | 5.655305181 | 11.11858 | 6.361774349 |
| 10/1/1975 | 9.451661 | 5.08698954 | 9.070616 | 4.899732988 | 10.11382 | 5.281274706 |
| 1/1/1976 | 8.897654 | 4.525957982 | 9.051987 | 4.353337312 | 8.359024 | 4.676728638 |
| 4/1/1976 | 8.583062 | 4.144388385 | 8.557707 | 3.970173414 | 8.270867 | 4.324161962 |
| 7/1/1976 | 8.194569 | 3.900262834 | 8.520315 | 3.695216937 | 6.924683 | 4.231939127 |
| 10/1/1976 | 8.628759 | 3.785750289 | 8.829468 | 3.511096488 | 7.585055 | 4.351876792 |
| 1/1/1977 | 9.111764 | 3.765160418 | 9.452864 | 3.394180792 | 8.102398 | 4.6422253 |
| 4/1/1977 | 9.298959 | 3.83063869 | 9.312843 | 3.351954219 | 9.300344 | 5.010434556 |
| 7/1/1977 | 9.394298 | 3.859794516 | 8.911113 | 3.373855366 | 10.45738 | 5.04983984 |
| 10/1/1977 | 8.438183 | 3.690589618 | 8.110003 | 3.249285669 | 9.299087 | 4.807740959 |
| 1/1/1978 | 7.545156 | 3.482167533 | 7.595883 | 3.071222571 | 7.582162 | 4.539241589 |
| 4/1/1978 | 7.338925 | 3.276199691 | 7.287932 | 2.881431524 | 7.663299 | 4.279865113 |
| 7/1/1978 | 7.499655 | 3.117903037 | 7.461328 | 2.72077874 | 7.879923 | 4.123265978 |
| 10/1/1978 | 7.696648 | 3.081750052 | 7.694324 | 2.600298046 | 8.004968 | 4.302784954 |
| 1/1/1979 | 8.260601 | 3.364497243 | 8.229885 | 2.683469392 | 8.5771 | 5.099358537 |
| 4/1/1979 | 8.869501 | 3.934258731 | 8.405602 | 2.997543921 | 10.27623 | 6.250844367 |
| 7/1/1979 | 9.864647 | 4.687622352 | 8.96892 | 3.512948717 | 12.3212 | 7.588776602 |
| 10/1/1979 | 10.85986 | 5.541422939 | 9.915919 | 4.154678637 | 13.342 | 8.96892017 |
| 1/1/1980 | 12.25579 | 6.350043641 | 10.8871 | 4.859130787 | 15.72118 | 9.954745863 |
| 4/1/1980 | 12.78561 | 6.858878635 | 11.94319 | 5.41268021 | 14.82318 | 10.27777672 |
| 7/1/1980 | 12.05506 | 7.018397445 | 11.58324 | 5.711156363 | 13.20327 | 10.07108588 |
| 10/1/1980 | 11.83519 | 6.925131274 | 11.348 | 5.776620032 | 12.98586 | 9.607039093 |
| 1/1/1981 | 11.10433 | 6.785984057 | 10.65557 | 5.738730426 | 12.16866 | 9.194372716 |
| 4/1/1981 | 10.42933 | 6.622859846 | 9.876361 | 5.634784541 | 11.68591 | 8.858136405 |
| 7/1/1981 | 10.66184 | 6.428888718 | 10.31867 | 5.53921852 | 11.34277 | 8.389880787 |
| 10/1/1981 | 10.28196 | 6.084492559 | 9.95617 | 5.373185984 | 10.86054 | 7.612115957 |
| 1/1/1982 | 9.238568 | 5.542497694 | 9.730504 | 5.065354613 | 7.937681 | 6.518023236 |
| 4/1/1982 | 8.941808 | 4.851188429 | 9.481703 | 4.596877357 | 7.511208 | 5.322645274 |
| 7/1/1982 | 8.729734 | 4.147483565 | 9.112074 | 4.040005222 | 7.728324 | 4.293367123 |
| 10/1/1982 | 8.210202 | 3.540931548 | 8.513853 | 3.502582295 | 7.415236 | 3.529051805 |
| 1/1/1983 | 7.942274 | 3.074084121 | 8.339883 | 3.055919726 | 6.885503 | 3.03101242 |
| 4/1/1983 | 7.588501 | 2.716458199 | 7.691896 | 2.684390043 | 7.288578 | 2.724847617 |
| 7/1/1983 | 6.843876 | 2.45920624 | 7.403153 | 2.402257377 | 5.473895 | 2.544726266 |
| 10/1/1983 | 6.940471 | 2.261092413 | 7.408514 | 2.179203739 | 5.776007 | 2.428194165 |
| 1/1/1984 | 7.114766 | 2.064205061 | 7.171704 | 1.959916628 | 6.979018 | 2.283707913 |
| 4/1/1984 | 6.81337 | 1.875358647 | 7.035835 | 1.782903522 | 6.307345 | 2.077313316 |
| 7/1/1984 | 6.59315 | 1.648854941 | 6.811871 | 1.585667311 | 6.082256 | 1.799078705 |
| 10/1/1984 | 6.347763 | 1.419014113 | 6.58229 | 1.369696405 | 5.830706 | 1.548868486 |
| 1/1/1985 | 6.105087 | 1.204752194 | 6.488024 | 1.162352261 | 5.250688 | 1.31628122 |
| 4/1/1985 | 6.129906 | 0.990273561 | 6.511957 | 0.983464766 | 5.270833 | 1.014891872 |
| 7/1/1985 | 5.879086 | 0.728443346 | 6.371224 | 0.789285292 | 4.803855 | 0.599785204 |
| 10/1/1985 | 5.586636 | 0.409368506 | 6.139424 | 0.550231981 | 4.356249 | 0.09652729 |
| 1/1/1986 | 5.067076 | 0.096270275 | 5.931834 | 0.296404086 | 3.149061 | -0.346505744 |
| 4/1/1986 | 4.044659 | -0.148501776 | 5.578004 | 0.047034021 | 0.603803 | -0.578723485 |
| 7/1/1986 | 3.973011 | -0.262194591 | 5.59852 | -0.095780562 | 0.291255 | -0.637680155 |
| 10/1/1986 | 3.915105 | -0.30371682 | 5.571714 | -0.186672363 | 0.120905 | -0.571904884 |
| 1/1/1987 | 4.098973 | -0.275977455 | 5.485332 | -0.203315557 | 0.924093 | -0.446542352 |
| 4/1/1987 | 5.062425 | -0.200401042 | 5.749098 | -0.18247369 | 3.532277 | -0.232993124 |
| 7/1/1987 | 5.461829 | -0.076432656 | 5.862945 | -0.116383495 | 4.621659 | 0.029839108 |
| 10/1/1987 | 5.697404 | 0.061972691 | 6.055449 | -0.02066321 | 4.961231 | 0.294720414 |
| 1/1/1988 | 5.729167 | 0.212306601 | 6.18034 | 0.090318815 | 4.653646 | 0.588194877 |
| 4/1/1988 | 5.474401 | 0.388437145 | 5.969488 | 0.221224296 | 4.318357 | 0.8751693 |
| 7/1/1988 | 5.193101 | 0.564126705 | 5.647944 | 0.359110778 | 4.132057 | 1.147254104 |
| 10/1/1988 | 4.881852 | 0.746150425 | 5.295254 | 0.505631001 | 3.918676 | 1.42624649 |
| 1/1/1989 | 4.516568 | 0.924636808 | 4.829006 | 0.65615687 | 3.861961 | 1.663061101 |
| 4/1/1989 | 4.884836 | 1.088844571 | 4.87441 | 0.800788099 | 5.145628 | 1.874313597 |
| 7/1/1989 | 4.731972 | 1.245476071 | 4.804562 | 0.938843692 | 4.665048 | 2.058983818 |
| 10/1/1989 | 4.784903 | 1.375135019 | 4.753743 | 1.068351848 | 4.956451 | 2.182545166 |
| 1/1/1990 | 5.277324 | 1.474335971 | 4.990858 | 1.170176459 | 6.118272 | 2.264033275 |
| 4/1/1990 | 4.952671 | 1.551740725 | 5.105489 | 1.253883749 | 4.522728 | 2.305537368 |
| 7/1/1990 | 5.431514 | 1.584567006 | 5.365188 | 1.309425007 | 5.663316 | 2.264068157 |
| 10/1/1990 | 5.975676 | 1.564269518 | 5.428642 | 1.329935381 | 7.544 | 2.133248371 |
| 1/1/1991 | 5.459244 | 1.495055226 | 5.481422 | 1.301708077 | 5.382381 | 1.948968344 |
| 4/1/1991 | 5.173616 | 1.387547953 | 5.100387 | 1.23766356 | 5.280873 | 1.722867774 |
| 7/1/1991 | 4.722318 | 1.254601177 | 4.875387 | 1.153555116 | 4.15021 | 1.458536956 |
| 10/1/1991 | 4.198698 | 1.087211733 | 4.810263 | 1.033220038 | 2.403343 | 1.169668968 |
| 1/1/1992 | 3.902039 | 0.896236259 | 4.389851 | 0.891750951 | 2.497546 | 0.843545745 |
| 4/1/1992 | 3.870151 | 0.673940168 | 4.367998 | 0.727925184 | 2.524683 | 0.4681477 |
| 7/1/1992 | 3.454609 | 0.435680508 | 4.04976 | 0.533781161 | 2.031322 | 0.129405584 |
| 10/1/1992 | 3.077982 | 0.225222232 | 3.70692 | 0.343919972 | 1.62987 | -0.129965961 |
| 1/1/1993 | 3.214348 | 0.049499532 | 3.70892 | 0.184323385 | 2.029156 | -0.344490683 |
| 4/1/1993 | 3.034102 | -0.101016745 | 3.488736 | 0.041446518 | 1.960784 | -0.50273884 |
| 7/1/1993 | 3.064826 | -0.233905413 | 3.422748 | -0.085009041 | 2.100055 | -0.647418113 |
| 10/1/1993 | 2.890224 | -0.352399282 | 3.241004 | -0.194532573 | 1.970002 | -0.778518327 |
| 1/1/1994 | 2.642229 | -0.456219187 | 2.849366 | -0.306036486 | 2.048956 | -0.846314609 |
| 4/1/1994 | 2.409819 | -0.508314914 | 2.692317 | -0.377956324 | 1.588352 | -0.837117412 |
| 7/1/1994 | 2.495929 | -0.529047928 | 2.589891 | -0.415893991 | 2.260865 | -0.811873038 |
| 10/1/1994 | 2.458189 | -0.556548832 | 2.5699 | -0.444201743 | 2.117079 | -0.845736781 |
| 1/1/1995 | 2.767392 | 0.149414782 | 2.928222 | 0.216412604 | 2.357053 | 0.01226185 |
| 4/1/1995 | 3.319454 | 0.168671019 | 3.388958 | 0.284818066 | 3.169452 | -0.113950602 |
| 7/1/1995 | 3.292692 | 0.01430597 | 3.554339 | 0.271768856 | 2.577379 | -0.679014791 |
| 10/1/1995 | 3.335222 | 0.00143073 | 3.62735 | 0.253437816 | 2.479865 | -0.675058888 |
| 1/1/1996 | 3.190398 | -0.091709287 | 3.406079 | 0.199813679 | 2.645165 | -0.878685193 |
| 4/1/1996 | 2.992596 | -0.074714862 | 2.957436 | 0.066860239 | 3.1194 | -0.429080863 |
| 7/1/1996 | 2.835716 | -0.092063439 | 2.720098 | -0.01846689 | 3.179841 | -0.263420762 |
| 10/1/1996 | 2.934464 | -0.041275068 | 2.607618 | -0.112359046 | 3.939029 | 0.183257214 |
| 1/1/1997 | 2.746207 | -0.166891583 | 2.442875 | -0.207500605 | 3.645628 | -0.063355211 |
| 4/1/1997 | 2.377559 | -0.46928897 | 2.469543 | -0.261669794 | 2.131033 | -1.094781408 |
| 7/1/1997 | 2.420306 | -0.427822387 | 2.397868 | -0.333233439 | 2.4805 | -0.718449166 |
| 10/1/1997 | 2.233138 | -0.464744024 | 2.373785 | -0.343050363 | 1.836468 | -0.819301245 |
| 1/1/1998 | 1.995685 | -0.613864357 | 2.311359 | -0.377320424 | 1.047385 | -1.290723419 |
| 4/1/1998 | 1.911561 | -0.594521344 | 2.157415 | -0.417710257 | 1.144067 | -1.100831616 |
| 7/1/1998 | 1.700057 | -0.816176939 | 2.084219 | -0.444602996 | 0.578403 | -1.886263275 |
| 10/1/1998 | 1.708756 | -1.039624521 | 1.980011 | -0.505367705 | 0.813849 | -2.585789649 |
| 1/1/1999 | 1.599436 | -1.053741293 | 1.832853 | -0.576050827 | 0.862831 | -2.453778642 |
| 4/1/1999 | 1.76188 | -0.977966172 | 1.735842 | -0.630769838 | 1.889205 | -1.979688367 |
| 7/1/1999 | 1.882513 | -0.824976126 | 1.654541 | -0.659178048 | 2.622407 | -1.292563433 |
| 10/1/1999 | 1.912955 | -0.483608918 | 1.608208 | -0.658159598 | 2.949426 | 0.036264512 |
| 1/1/2000 | 2.324904 | -0.119690123 | 1.670784 | -0.593307537 | 4.39152 | 1.272728306 |
| 4/1/2000 | 2.289405 | -0.031627337 | 1.673314 | -0.522573313 | 4.15196 | 1.348558379 |
| 7/1/2000 | 2.546023 | 0.231106524 | 1.832194 | -0.40782393 | 4.630692 | 2.018564458 |
| 10/1/2000 | 2.580232 | 0.303094 | 1.841208 | -0.296456451 | 4.671254 | 1.963749506 |
| 1/1/2001 | 2.57976 | 0.093772296 | 1.985628 | -0.186192828 | 4.380828 | 0.862110786 |
| 4/1/2001 | 2.733728 | 0.363931938 | 2.110203 | -0.101422347 | 4.583328 | 1.720816737 |
| 7/1/2001 | 2.258828 | 0.050384939 | 2.079912 | -0.079576196 | 2.756141 | 0.392112648 |
| 10/1/2001 | 1.660653 | -0.450064039 | 2.072784 | -0.099415491 | 0.379936 | -1.553936023 |
| 1/1/2002 | 1.438705 | -0.345153858 | 2.001066 | -0.075083464 | -0.35814 | -1.176493122 |
| 4/1/2002 | 1.407659 | -0.555842339 | 1.980626 | -0.069985546 | -0.38429 | -2.009003108 |
| 7/1/2002 | 1.548323 | -0.507533258 | 1.897713 | -0.078630194 | 0.416545 | -1.781890709 |
| 10/1/2002 | 2.004019 | -0.158852629 | 1.869911 | -0.039255827 | 2.379846 | -0.485374762 |
| 1/1/2003 | 2.415 | 0.063607944 | 1.730222 | -0.119729069 | 4.685133 | 0.701661087 |
| 4/1/2003 | 1.744247 | -0.403240181 | 1.49786 | -0.156623977 | 2.564926 | -1.223417874 |
| 7/1/2003 | 1.748594 | -0.430313477 | 1.363857 | -0.220342956 | 3.092309 | -1.135620558 |
| 10/1/2003 | 1.674921 | -0.481647508 | 1.259925 | -0.280800381 | 3.107192 | -1.147077856 |
| 1/1/2004 | 1.489147 | -0.702959408 | 1.309659 | -0.294665994 | 2.115947 | -2.02019724 |
| 4/1/2004 | 2.079365 | -0.248272303 | 1.504473 | -0.319167713 | 3.951365 | 0.001601247 |
| 7/1/2004 | 2.095558 | -0.187395919 | 1.534647 | -0.299831369 | 3.855196 | 0.173714864 |
| 10/1/2004 | 2.445063 | -0.071274954 | 1.645517 | -0.321270684 | 4.947296 | 0.709420701 |
| 1/1/2005 | 2.193971 | -0.217459038 | 1.70914 | -0.33309363 | 3.717933 | 0.099727246 |
| 4/1/2005 | 2.10128 | -0.237215041 | 1.52958 | -0.368378715 | 3.865198 | 0.124118866 |
| 7/1/2005 | 2.54664 | 0.078731601 | 1.503918 | -0.374245284 | 5.853655 | 1.465950856 |
| 10/1/2005 | 2.407864 | 0.087910021 | 1.504418 | -0.360262223 | 5.32581 | 1.45728023 |
| 1/1/2006 | 2.523424 | 0.24967769 | 1.453235 | -0.346556328 | 5.842643 | 2.072511299 |
| 4/1/2006 | 2.732053 | 0.373899457 | 1.664957 | -0.256621781 | 5.997742 | 2.264355241 |
| 7/1/2006 | 2.427611 | 0.094184748 | 1.797715 | -0.216445837 | 4.260112 | 0.970342646 |
| 10/1/2006 | 1.772734 | -0.298373572 | 1.795102 | -0.147022046 | 1.579577 | -0.811793278 |
| 1/1/2007 | 1.935838 | -0.257977067 | 1.888013 | -0.05645202 | 2.043754 | -0.907961865 |
| 4/1/2007 | 1.989358 | -0.229279416 | 1.82458 | -0.004033633 | 2.53037 | -0.904508466 |
| 7/1/2007 | 1.869045 | -0.057922641 | 1.791786 | 0.067922785 | 2.097684 | -0.41748438 |
| 10/1/2007 | 2.98226 | 1.01000216 | 1.870165 | 0.133943981 | 6.397549 | 3.770973425 |
| 1/1/2008 | 3.255928 | 1.529354668 | 1.911018 | 0.228034583 | 7.24227 | 5.505400057 |
| 4/1/2008 | 3.609902 | 1.910958634 | 1.926654 | 0.300902245 | 8.374169 | 6.626947913 |
| 7/1/2008 | 4.277526 | 1.981551001 | 2.116263 | 0.401300218 | 10.49329 | 6.58677553 |
| 10/1/2008 | 2.145505 | 0.344374669 | 1.897519 | 0.39448144 | 2.704272 | 0.080306081 |
| 1/1/2009 | 0.789806 | -1.064901645 | 1.635462 | 0.197114312 | -1.83095 | -4.862881256 |
| 4/1/2009 | -0.02637 | -1.936499964 | 1.508897 | 0.004604957 | -4.40706 | -7.42286613 |
| 7/1/2009 | -0.7125 | -2.1325694 | 1.177976 | -0.221095096 | -5.97635 | -7.396002602 |
| 10/1/2009 | 0.830744 | -1.118031061 | 1.185496 | -0.334574894 | -0.14025 | -3.298450334 |
| 1/1/2010 | 1.690784 | -0.192573438 | 1.14517 | -0.320318963 | 3.436959 | 0.371007907 |
| 4/1/2010 | 1.571398 | 0.100030096 | 0.930182 | -0.30725617 | 3.487031 | 1.387047224 |
| 7/1/2010 | 1.340567 | -0.060461065 | 0.905594 | -0.262103307 | 2.541462 | 0.488194152 |
| 10/1/2010 | 1.570165 | 0.123219943 | 0.923764 | -0.218092745 | 3.378898 | 1.093595984 |
| 1/1/2011 | 2.08774 | 0.55388548 | 1.139408 | -0.125072712 | 4.887401 | 2.616532843 |
| 4/1/2011 | 2.705579 | 0.889475441 | 1.423527 | -0.006066773 | 6.599593 | 3.632906844 |
| 7/1/2011 | 2.944691 | 1.016588935 | 1.590474 | 0.063947209 | 7.026706 | 3.925982313 |
| 10/1/2011 | 2.692225 | 0.915628866 | 1.66567 | 0.14206691 | 5.707526 | 3.225687719 |
| 1/1/2012 | 2.369196 | 0.495038517 | 1.659792 | 0.123157606 | 4.253343 | 1.505010909 |
| 4/1/2012 | 1.824258 | 0.174047174 | 1.621342 | 0.122925606 | 2.19411 | 0.254281052 |
| 7/1/2012 | 1.704318 | 0.272109778 | 1.495792 | 0.098362832 | 2.099354 | 0.753698825 |
| 10/1/2012 | 1.748722 | 0.155666676 | 1.486658 | 0.02358838 | 2.352544 | 0.546307287 |
| 1/1/2013 | 1.523463 | -0.076709499 | 1.392597 | -0.001676845 | 1.778527 | -0.285201928 |
| 4/1/2013 | 1.337264 | -0.321316416 | 1.280036 | -0.092982548 | 1.387492 | -0.974499323 |
| 7/1/2013 | 1.457447 | -0.493411355 | 1.350088 | -0.122320553 | 1.629985 | -1.561497504 |
| 10/1/2013 | 1.256544 | -0.7851067 | 1.361394 | -0.149046367 | 0.814184 | -2.622365673 |
| 1/1/2014 | 1.359812 | -0.799477269 | 1.376826 | -0.159245457 | 1.228852 | -2.628594126 |
| 4/1/2014 | 1.820406 | -0.733514087 | 1.650638 | -0.132477833 | 2.225777 | -2.428991731 |
| 7/1/2014 | 1.579334 | -0.853063725 | 1.581033 | -0.164900989 | 1.500304 | -2.796001933 |
| 10/1/2014 | 1.137113 | -1.035245623 | 1.545451 | -0.15898423 | -0.12936 | -3.583551252 |
| 1/1/2015 | 0.370304 | -1.518798479 | 1.557848 | -0.194376646 | -3.30753 | -5.434795756 |
| 4/1/2015 | 0.340551 | -1.389364903 | 1.44367 | -0.241564826 | -3.02263 | -4.716632546 |
| 7/1/2015 | 0.298892 | -1.49443097 | 1.524686 | -0.220662264 | -3.3539 | -5.187477601 |
| 10/1/2015 | 0.453714 | -1.355155595 | 1.556249 | -0.224240594 | -2.96303 | -4.691809452 |
| 1/1/2016 | 0.675868 | -1.201324091 | 1.593691 | -0.213422588 | -2.18239 | -4.184642653 |
| 4/1/2016 | 0.679793 | -1.11083136 | 1.541254 | -0.197816544 | -1.9677 | -3.851768179 |
| 7/1/2016 | 0.781562 | -0.916868188 | 1.534625 | -0.162830286 | -1.57862 | -3.178645361 |
| 10/1/2016 | 1.291153 | -0.617811668 | 1.472337 | -0.144379025 | 0.626865 | -2.044951105 |
| 1/1/2017 | 1.978129 | -0.014644221 | 1.475133 | -0.105097053 | 3.466264 | 0.372738757 |
| 4/1/2017 | 1.662449 | -0.310996907 | 1.435821 | -0.046974486 | 2.243073 | -1.162016472 |
| 7/1/2017 | 1.723084 | -0.25363265 | 1.412532 | -0.061909967 | 2.606274 | -0.876313382 |
| 10/1/2017 | 1.778222 | -0.078519153 | 1.442111 | -0.092544231 | 2.755442 | -0.016728145 |
| 1/1/2018 | 1.806098 | -0.208769967 | 1.511924 | -0.072253516 | 2.658671 | -0.658198176 |
| 4/1/2018 | 2.057565 | -0.005243539 | 1.577441 | -0.078115065 | 3.493632 | 0.250562368 |
| 7/1/2018 | 2.1876 | 0.00399512 | 1.581535 | -0.031703636 | 3.90587 | 0.124791123 |
| 10/1/2018 | 1.926394 | -0.190604011 | 1.557318 | 0.004585641 | 2.893698 | -0.848556692 |
| 1/1/2019 | 1.41179 | -0.302826131 | 1.484589 | 0.022615448 | 0.969576 | -1.38855092 |
| 4/1/2019 | 1.590137 | -0.004964824 | 1.545553 | 0.090907588 | 1.561786 | -0.295921633 |
| 7/1/2019 | 1.341489 | -0.217765473 | 1.628454 | 0.108682585 | 0.353257 | -1.267461969 |
| 10/1/2019 | 1.457568 | -0.198075855 | 1.685271 | 0.149450298 | 0.742806 | -1.316117194 |
| 1/1/2020 | 1.556171 | -0.589251133 | 1.632491 | -0.558566761 | 1.308846 | -0.71765092 |
| 4/1/2020 | 0.332494 | -0.39544996 | 0.99615 | -0.37187317 | -1.83958 | -0.404058398 |
| 7/1/2020 | 0.70239 | -0.15381291 | 1.05476 | -0.219558945 | -0.49692 | 0.164051233 |
| 10/1/2020 | 0.605912 | 0.231871086 | 1.036334 | 0.046250701 | -0.80369 | 0.949700889 |
| 1/1/2021 | 1.281977 | 0.733561077 | 1.201626 | 0.40459896 | 1.631786 | 1.929522449 |
| 4/1/2021 | 2.990213 | 1.31841333 | 2.067165 | 0.851559354 | 5.96623 | 2.955557309 |
| 7/1/2021 | 3.484386 | 1.943351033 | 2.427422 | 1.348983607 | 6.841365 | 3.964281998 |
| 10/1/2021 | 4.715991 | 2.55608739 | 3.095807 | 1.862014929 | 9.758889 | 4.877258952 |
| 1/1/2022 | 5.752021 | 3.139962025 | 3.846243 | 2.356638376 | 11.13154 | 5.629442871 |
| 4/1/2022 | 6.856373 | 3.611958643 | 4.401264 | 2.797422117 | 14.07642 | 6.130209949 |
| 7/1/2022 | 7.185764 | 3.905659648 | 4.893322 | 3.128215169 | 13.68526 | 6.2372704 |
| 10/1/2022 | 6.95205 | 3.948069571 | 5.060087 | 3.288669225 | 12.08189 | 5.876868331 |
| 1/1/2023 | 5.987095 | 3.728553077 | 4.965319 | 3.243847468 | 8.747862 | 5.095575299 |
| 4/1/2023 | 4.62318 | 3.296307461 | 4.811532 | 3.014224345 | 3.78188 | 4.036935422 |
| 7/1/2023 | 3.967844 | 2.725129217 | 4.251233 | 2.642899691 | 3.019586 | 2.861010309 |
| 10/1/2023 | 3.169815 | 2.080688087 | 3.764053 | 2.180823292 | 1.349049 | 1.635610934 |
| 1/1/2024 | 2.994285 | 1.392188132 | 3.411076 | 1.659165292 | 1.60647 | 0.408135173 |
Note: World inflation is the GDP (gross domestic product)-weighted, 4-quarter percent change of consumer price indexes for selected economies. Global components are GDP-weighted aggregates of each economy’s common component. Noncore inflation encompasses food and energy categories. Headline inflation is the aggregate of core and noncore inflation using economy-specific weights. Data extend through 2024:Q1.
Source: National sources via Haver Analytics; Federal Reserve Board staff calculations.
Figure 4: Model-Based Forecast of the Global Components of Inflation
4-quarter percent change
| Date | Core Global | Noncore Global | Headline Global |
|---|---|---|---|
| 2018-04-01 | -0.078115065 | 0.250562368 | -0.005243539 |
| 2018-07-01 | -0.031703636 | 0.124791123 | 0.00399512 |
| 2018-10-01 | 0.004585641 | -0.848556692 | -0.190604011 |
| 2019-01-01 | 0.022615448 | -1.38855092 | -0.302826131 |
| 2019-04-01 | 0.090907588 | -0.295921633 | -0.004964824 |
| 2019-07-01 | 0.108682585 | -1.267461969 | -0.217765473 |
| 2019-10-01 | 0.149450298 | -1.316117194 | -0.198075855 |
| 2020-01-01 | -0.558566761 | -0.71765092 | -0.589251133 |
| 2020-04-01 | -0.37187317 | -0.404058398 | -0.39544996 |
| 2020-07-01 | -0.219558945 | 0.164051233 | -0.15381291 |
| 2020-10-01 | 0.046250701 | 0.949700889 | 0.231871086 |
| 2021-01-01 | 0.40459896 | 1.929522449 | 0.733561077 |
| 2021-04-01 | 0.851559354 | 2.955557309 | 1.31841333 |
| 2021-07-01 | 1.348983607 | 3.964281998 | 1.943351033 |
| 2021-10-01 | 1.862014929 | 4.877258952 | 2.55608739 |
| 2022-01-01 | 2.356638376 | 5.629442871 | 3.139962025 |
| 2022-04-01 | 2.797422117 | 6.130209949 | 3.611958643 |
| 2022-07-01 | 3.128215169 | 6.2372704 | 3.905659648 |
| 2022-10-01 | 3.288669225 | 5.876868331 | 3.948069571 |
| 2023-01-01 | 3.243847468 | 5.095575299 | 3.728553077 |
| 2023-04-01 | 3.014224345 | 4.036935422 | 3.296307461 |
| 2023-07-01 | 2.642899691 | 2.861010309 | 2.725129217 |
| 2023-10-01 | 2.180823292 | 1.635610934 | 2.080688087 |
| 2024-01-01 | 1.659165292 | 0.408135173 | 1.392188132 |
| 2024-04-01 | 1.064838063 | -0.668397146 | 0.604123692 |
| 2024-07-01 | 0.528437047 | -1.452890265 | 0.001776867 |
| 2024-10-01 | 0.066846803 | -1.915111514 | -0.459981104 |
| 2025-01-01 | -0.285623391 | -2.082551773 | -0.763268158 |
| 2025-04-01 | -0.533566644 | -2.021404292 | -0.929051448 |
| 2025-07-01 | -0.687800783 | -1.819087585 | -0.988510164 |
| 2025-10-01 | -0.771923548 | -1.563416944 | -0.982311832 |
| 2026-01-01 | -0.810012795 | -1.326953551 | -0.947421748 |
| 2026-04-01 | -0.824338239 | -1.156755034 | -0.912698546 |
| 2026-07-01 | -0.830704807 | -1.071294959 | -0.894656508 |
| 2026-10-01 | -0.837734413 | -1.063369185 | -0.897710798 |
| 2027-01-01 | -0.84703303 | -1.107458664 | -0.916257237 |
| 2027-04-01 | -0.855094221 | -1.169178367 | -0.938581493 |
| 2027-07-01 | -0.855678811 | -1.214613622 | -0.951087919 |
| 2027-10-01 | -0.842330589 | -1.217721822 | -0.942114008 |
| 2028-01-01 | -0.810376802 | -1.164723176 | -0.904566249 |
Note: Global components are GDP (gross domestic product)-weighted components estimated through a factor model that isolates co-movement from economy-specific trends and transitory movements. Noncore inflation encompasses food and energy categories. Forecast shown is derived from the factor model and driven by the statistical persistence of the global components. Headline global component is the weighted average of core and noncore global components using economy-specific weights. Data extend through 2027:Q4. Shaded area refers to the forecast period.
Source: National sources via Haver Analytics; Federal Reserve Board staff calculations.
Figure 5. Drivers of World Headline Inflation
1970s to Early 1980s
Deviation from 1972:Q4. Percentage point.
| Date | Global activity shocks | Commodity shocks | Idiosyncratic shocks | Headline |
|---|---|---|---|---|
| 1972-10-01 | 0 | 0 | 0 | 0 |
| 1973-01-01 | 0.033827616 | 0.436751456 | 0.325573186 | 0.796152257 |
| 1973-04-01 | 0.105600427 | 1.224683174 | 0.988192049 | 2.318475651 |
| 1973-07-01 | 0.20414304 | 2.37427954 | 0.587325034 | 3.165747614 |
| 1973-10-01 | 0.331025056 | 3.741521754 | 0.549776806 | 4.622323616 |
| 1974-01-01 | 0.466064259 | 5.051899967 | 1.212692499 | 6.730656725 |
| 1974-04-01 | 0.510777337 | 6.021638566 | 0.897819301 | 7.430235204 |
| 1974-07-01 | 0.421113311 | 6.480912013 | 1.431908486 | 8.33393381 |
| 1974-10-01 | 0.201734147 | 6.39327019 | 2.206440265 | 8.801444602 |
| 1975-01-01 | -0.052792869 | 5.876582967 | 1.687112427 | 7.510902525 |
| 1975-04-01 | -0.2824259 | 5.177569085 | 1.7139648 | 6.609107984 |
| 1975-07-01 | -0.45253031 | 4.526669455 | 1.559589481 | 5.633728627 |
| 1975-10-01 | -0.568721251 | 4.054917611 | 0.898576591 | 4.384772951 |
| 1976-01-01 | -0.66628024 | 3.765015549 | 0.732030726 | 3.830766035 |
| 1976-04-01 | -0.763609957 | 3.555628192 | 0.724155883 | 3.516174118 |
| 1976-07-01 | -0.828437579 | 3.372095697 | 0.584022644 | 3.127680763 |
| 1976-10-01 | -0.842181022 | 3.180703917 | 1.223348599 | 3.561871494 |
| 1977-01-01 | -0.798760068 | 2.975052609 | 1.868583899 | 4.04487644 |
| 1977-04-01 | -0.724825478 | 2.794459992 | 2.162436713 | 4.232071226 |
| 1977-07-01 | -0.687501161 | 2.613299873 | 2.401611989 | 4.327410701 |
| 1977-10-01 | -0.800649398 | 2.445880811 | 1.726064312 | 3.371295725 |
| 1978-01-01 | -1.042965868 | 2.434666989 | 1.086566776 | 2.478267896 |
| 1978-04-01 | -1.410923766 | 2.612433138 | 1.070528107 | 2.272037479 |
| 1978-07-01 | -1.818022647 | 2.924871097 | 1.325919269 | 2.432767718 |
| 1978-10-01 | -2.209427147 | 3.371236769 | 1.467950745 | 2.629760367 |
| 1979-01-01 | -2.474067058 | 4.004111499 | 1.663668999 | 3.193713439 |
| 1979-04-01 | -2.628233916 | 4.778380362 | 1.652466848 | 3.802613294 |
| 1979-07-01 | -2.620922287 | 5.582505558 | 1.836175956 | 4.797759227 |
| 1979-10-01 | -2.502491108 | 6.377735004 | 1.917728648 | 5.792972544 |
| 1980-01-01 | -2.298334019 | 7.054063428 | 2.433173559 | 7.188902968 |
| 1980-04-01 | -2.048602668 | 7.420418027 | 2.34690678 | 7.718722139 |
| 1980-07-01 | -1.723575924 | 7.437217615 | 1.274533432 | 6.988175122 |
| 1980-10-01 | -1.334412084 | 7.168272559 | 0.934441225 | 6.7683017 |
| 1981-01-01 | -0.864959786 | 6.778191924 | 0.124211311 | 6.037443449 |
| 1981-04-01 | -0.441861284 | 6.379460183 | -0.575152719 | 5.36244618 |
| 1981-07-01 | -0.125754735 | 5.984254314 | -0.263545172 | 5.594954406 |
| 1981-10-01 | 0.050611813 | 5.517580612 | -0.353123989 | 5.215068435 |
| 1982-01-01 | 0.117194649 | 4.919458316 | -0.864973103 | 4.171679862 |
| 1982-04-01 | 0.108155817 | 4.223876233 | -0.457111633 | 3.874920417 |
| 1982-07-01 | 0.06198909 | 3.564980396 | 0.035876687 | 3.662846172 |
| 1982-10-01 | 0.013752643 | 3.073746527 | 0.055814741 | 3.143313911 |
| 1983-01-01 | -0.040088348 | 2.822295384 | 0.093178708 | 2.875385744 |
| 1983-04-01 | -0.13728099 | 2.815321551 | -0.15642704 | 2.521613521 |
| 1983-07-01 | -0.278970469 | 3.002862959 | -0.946904281 | 1.776988209 |
| 1983-10-01 | -0.473233918 | 3.27461879 | -0.927802031 | 1.873582841 |
2020s
Deviation from 2019:Q4. Percentage point
| Date | Headline Global | Core Global | Noncore Global |
|---|---|---|---|
| 4/1/2018 | -0.005243539 | -0.078115065 | 0.250562368 |
| 7/1/2018 | 0.00399512 | -0.031703636 | 0.124791123 |
| 10/1/2018 | -0.190604011 | 0.004585641 | -0.848556692 |
| 1/1/2019 | -0.302826131 | 0.022615448 | -1.38855092 |
| 4/1/2019 | -0.004964824 | 0.090907588 | -0.295921633 |
| 7/1/2019 | -0.217765473 | 0.108682585 | -1.267461969 |
| 10/1/2019 | -0.198075855 | 0.149450298 | -1.316117194 |
| 1/1/2020 | -0.589251133 | -0.558566761 | -0.71765092 |
| 4/1/2020 | -0.39544996 | -0.37187317 | -0.404058398 |
| 7/1/2020 | -0.15381291 | -0.219558945 | 0.164051233 |
| 10/1/2020 | 0.231871086 | 0.046250701 | 0.949700889 |
| 1/1/2021 | 0.733561077 | 0.40459896 | 1.929522449 |
| 4/1/2021 | 1.31841333 | 0.851559354 | 2.955557309 |
| 7/1/2021 | 1.943351033 | 1.348983607 | 3.964281998 |
| 10/1/2021 | 2.55608739 | 1.862014929 | 4.877258952 |
| 1/1/2022 | 3.139962025 | 2.356638376 | 5.629442871 |
| 4/1/2022 | 3.611958643 | 2.797422117 | 6.130209949 |
| 7/1/2022 | 3.905659648 | 3.128215169 | 6.2372704 |
| 10/1/2022 | 3.948069571 | 3.288669225 | 5.876868331 |
| 1/1/2023 | 3.728553077 | 3.243847468 | 5.095575299 |
| 4/1/2023 | 3.296307461 | 3.014224345 | 4.036935422 |
| 7/1/2023 | 2.725129217 | 2.642899691 | 2.861010309 |
| 10/1/2023 | 2.080688087 | 2.180823292 | 1.635610934 |
| 1/1/2024 | 1.392188132 | 1.659165292 | 0.408135173 |
| 4/1/2024 | 0.604123692 | 1.064838063 | -0.668397146 |
| 7/1/2024 | 0.001776867 | 0.528437047 | -1.452890265 |
| 10/1/2024 | -0.459981104 | 0.066846803 | -1.915111514 |
| 1/1/2025 | -0.763268158 | -0.285623391 | -2.082551773 |
| 4/1/2025 | -0.929051448 | -0.533566644 | -2.021404292 |
| 7/1/2025 | -0.988510164 | -0.687800783 | -1.819087585 |
| 10/1/2025 | -0.982311832 | -0.771923548 | -1.563416944 |
| 1/1/2026 | -0.947421748 | -0.810012795 | -1.326953551 |
| 4/1/2026 | -0.912698546 | -0.824338239 | -1.156755034 |
| 7/1/2026 | -0.894656508 | -0.830704807 | -1.071294959 |
| 10/1/2026 | -0.897710798 | -0.837734413 | -1.063369185 |
| 1/1/2027 | -0.916257237 | -0.84703303 | -1.107458664 |
| 4/1/2027 | -0.938581493 | -0.855094221 | -1.169178367 |
| 7/1/2027 | -0.951087919 | -0.855678811 | -1.214613622 |
| 10/1/2027 | -0.942114008 | -0.842330589 | -1.217721822 |
| 1/1/2028 | -0.904566249 | -0.810376802 | -1.164723176 |
Note: Figure 5 illustrates decomposition for selected inflationary periods stemming from vector autoregressive models estimated from 1961:Q1 to 1994:Q4 (left panel) and from 1995:Q1 to 2024:Q1 (right panel). Global component of headline inflation and its decomposition are constructed from economy-specific core inflation weights and aggregated with gross domestic product (GDP) weights. Global activity shocks combine shocks to the global component of core inflation, to global GDP, and to labor market shortages. Commodity shocks combine shocks to the global component of noncore inflation, to oil prices, and to global commodity prices. Noncore inflation encompasses food and energy categories. Data extend through 2024:Q1.
Source: National sources via Haver Analytics; Federal Reserve Board staff calculations.
Last Update:
July 10, 2024