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The U.S. Isn’t The Only Country With Deflationary Data

The U.S. Isn’t The Only Country With Deflationary Data by Jennifer Thomson, Gavekal Capital Blog

Last week, we looked at a couple of economic releases that highlighted the continued deflationary trends in the U.S. (here and here).  Slowing inflation is not, however, unique to the U.S.– the average quarterly year-over-year change in consumer prices in the developed world is just 0.34% and has been below 1.00% for the last year.

Deflationary Data

 

By region, we can see that Asia (led by Japan and Australia) has the highest inflation while EMEA countries (with the exceptions of Iceland and Norway) continue to trend lower–especially in Switzerland.

DM Americas

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DM Asia

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DM EMEA

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In the emerging markets, inflation trends are more varied with Greece at -2.14% yoy in the most recent quarter while Egypt’s consumer prices are increasing at nearly 12% yoy.

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Breaking the data out by regions shows EM Americas with a slightly higher average, driven by 5-7% yoy price increases in Brazil.  Inflation in India remains among the highest in EM Asia but has come down from double digit levels over the past few years.  And, on the EM EMEA side, Greece and Eastern European countries’ deflationary tendencies are countered by much higher year-over-year price changes in Egypt, Russia, South Africa, and Turkey.

EM Americas

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EM Asia

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EM EMEA

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