by Mish Shedlock, Mish Talk:
I have new updated charts through October for US, Canada, UK, and Eurozone area inflation. Let’s take a look.
Yesterday, I commented on Inflation Around the World: How Does the US Compare to Canada and Europe? but have new sources for October data.
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Year-Over-Year Eurozone Inflation Soars in October
- Eurozone inflation is getting out of hand. For example, yesterday I said inflation in France peaked at 6.08 percent and fell to 5.55 percent ion September.
- October looks grim across the board. Inflation in France soared to 7.10 percent, a new high.
- Inflation in Germany hit a new high of 11.60 percent.
- Of the Eurozone big four, Italy soared into the lead with a new high of 12.60 percent.
- Spain fell to 7.30 percent.
- The US fell to 7.75 percent.
Also, Canada remained flat at 6.90 percent. The UK made a new high at 9.60 percent.
The St. Louis Fed uses the series CPALTT01USM659N for the US. But it only runs through September.
I used the series CPIAUCNS, Consumer Price Index for All Urban Consumers: All Items in U.S. City Average not seasonally adjusted which is what one needs to use for year-over-year comparisons.
My lead chart takes data from all those sources, through September only from St. Louis Fed, but the rest are official sources.
Eurozone Inflation Rips Higher
All of them border Russia on one side or another.
- Estonia: 22.5 Percent
- Latvia: 21.7 Percent
- Lithuania: 22.1 Percent
The biggest ECB concerns are runaway inflation in Germany at 11.6 percent and Italy at 12.6 percent. Those are the first and third largest economies in the Eurozone respectively.
The second and fourth largest Eurozone economies are France at 7.1 percent inflation and Spain at 7.3 percent.