Global inflation still climbing

Monday, 18 July 2022

Pandemic inflation has topped and is about to crash. But Ukraine war inflation is still flushing through the system.

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Global headline inflation is still increasing, at 6.3%Y in May vs 6.1%Y in April. Food and energy prices are driving the move. As we show, food and energy are key drivers of long-run inflation expectations in the US, and should keep those measures elevated this year.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.