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GLOBAL MACRO: Oil Prices Helping To Reduce Headline Inflation Below Core

GLOBAL MACRO
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Both core and headline inflation were generally lower or stable in September across the OECD and non-Japan Asia. Lower oil prices over August/September helped to bring headline inflation down across most countries, but with core inflation generally running above headline most OECD central banks will continue to monitor domestic price pressures closely. 

  • OECD underlying inflation was still close to 0.5pp above headline in August. Both moderated further in most countries in September, but core remained materially above target, apart from Canada and Sweden. The slow moderation in domestically-driven services inflation has been a problem across much of the group.

OECD CPI y/y% vs Brent y/y%

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Both core and headline inflation were generally lower or stable in September across the OECD and non-Japan Asia. Lower oil prices over August/September helped to bring headline inflation down across most countries, but with core inflation generally running above headline most OECD central banks will continue to monitor domestic price pressures closely. 

  • OECD underlying inflation was still close to 0.5pp above headline in August. Both moderated further in most countries in September, but core remained materially above target, apart from Canada and Sweden. The slow moderation in domestically-driven services inflation has been a problem across much of the group.

OECD CPI y/y% vs Brent y/y%

Keep reading...Show less