Main takeaways:
  • Monthly headline (0.4%mom, 1.1%yoy) and core inflation (0.2%mom, 2.1%yoy) broadly in line with market consensus.
  • Inflation momentum at 2.4%.
  • Sticky-price CPI (a proxy for expectations) is at 2.5%.
  • Inflation expectations moving sideways and inflation compensation moving up.
Headline CPI up, core CPI down

Inflation momentum off the highs, but still at 2.4%

Inflation momentum above annual core inflation

Sticky prices suggest inflation is firming

Measures of inflation expectations and compensation