Inflation excluding energy and food has accelerated recently

HIBAPRESS-RABAT PRESS RELEASE

After declining rapidly worldwide, inflation has recently reversed course in many countries. This year’s data shows that inflation excluding energy and food accelerated in the most recent three-month period compared to the previous three-month period in several major advanced and emerging countries (South Africa, Czech Republic, Germany, France , Italy, Philippines, United Kingdom, Sweden).

Some investors appear to believe that price pressure may not ease anytime soon. Inflation expectations in the major economies for the next two years (driven by the difference between the yield on government bonds at their face value and their yield at their inflation-indexed value) are again on an upward trend.

It should be noted that they are still above the 2% levels targeted by central banks, such as in France, the United States and the United Kingdom, or 3%, as in Brazil and Mexico.

Other measures of inflation expectations, such as those from household surveys, appear more stable.