CMP Associates Regulation Blog

Dollar Devaluation and Yuan Revaluation, FOMC Changed Long-Run Goals and Monetary Policy Strategy to Target “Inflation Moderately Above 2 Percent For Some Time” If Inflation Had Been Below 2 Percent “Persistently,” US GDP Contracted at SAAR of 31.7 Percent in IIQ2020 and Decreased 9.1 Percent Relative to a Year Earlier In the Global Recession, with Output in the US Reaching a High in Feb 2020 (https://www.nber.org/cycles.html), in the Lockdown of Economic Activity in the COVID-19 Event, Mediocre Cyclical United States Economic Growth with GDP Five Trillion Dollars Below Trend in the Lost Economic Cycle of the Global Recession with Economic Growth Underperforming Below Trend Worldwide, Cyclically Stagnating Real Private Fixed Investment, Swelling Undistributed Corporate Profits with Profit Contraction in the Global Recession, with Output in the US Reaching a High in Feb 2020 (https://www.nber.org/cycles.html), in the Lockdown of Economic Activity in the COVID-19 Event, Increasing US New Home Sales and Home Prices, World Inflation Waves with Increasing Price Levels In Most Countries and Regions Worldwide, World Cyclical Slow Growth, and Government Intervention in Globalization: Part VII

Carlos M. Pelaez

IA Mediocre Cyclical United States Economic Growth

IA1 Stagnating Real Private Fixed Investment

IA2 Swelling Undistributed Corporate Profits

IID United States Terms of International Trade

IIA United States Housing Collapse

IIA1 Sales of New Houses

IIA2 United States House Prices

I World Inflation Waves

IA Appendix: Transmission of Unconventional Monetary Policy

IB1 Theory

IB2 Policy

IB3 Evidence

IB4 Unwinding Strategy

IC United States Inflation

IC Long-term US Inflation

ID Current US Inflation

IE Theory and Reality of Economic History, Cyclical Slow Growth Not Secular Stagnation and Monetary Policy Based on Fear of Deflation

III World Financial Turbulence

IV Global Inflation

V World Economic Slowdown

VA United States

VB Japan

VC China

VD Euro Area

VE Germany

VF France

VG Italy

VH United Kingdom

VI Valuation of Risk Financial Assets

VII Economic Indicators

VIII Interest Rates

IX Conclusion

References

Appendixes

Appendix I The Great Inflation

IIIB Appendix on Safe Haven Currencies

IIIC Appendix on Fiscal Compact

IIID Appendix on European Central Bank Large Scale Lender of Last Resort

IIIG Appendix on Deficit Financing of Growth and the Debt Crisis

Similar world inflation waves are in the behavior of consumer price indexes of six countries and the euro zone in Table IA-2. US consumer price inflation shows similar waves. (1) Under risk appetite in Jan-Apr 2011, US consumer prices increased at the annual equivalent rate of 4.9 percent. (2) Risk aversion caused the collapse of inflation to annual equivalent 1.8 percent in May-Jun 2011. (3) Risk appetite drove the rate of consumer price inflation in the US to 3.2 percent in Jul-Sep 2011. (4) Gloomier views of carry trades caused the collapse of inflation in Oct-Nov 2011 to annual equivalent 1.8 percent. (5) Consumer price inflation resuscitated with increased risk appetite at annual equivalent of 1.8 percent in Dec 2011 to Jan 2012. (6) Consumer price inflation returned at 2.4 percent annual equivalent in Feb-Apr 2012. (7) Under renewed risk aversion, annual equivalent consumer price inflation in the US was minus 1.2 percent in May-Jul 2012. (8) Inflation jumped to annual equivalent 5.7 percent in Aug-Oct 2012. (9) Unwinding of carry trades caused annual equivalent inflation of 0.0 percent in Nov 2012-Jan 2013 but some countries experienced higher inflation in Dec 2012 and Jan 2013. (10) Inflation jumped again with annual equivalent inflation of 6.2 percent in Feb 2013 in a mood of relaxed risk aversion. (11) Inflation fell at 3.0 percent annual equivalent in Mar-Apr 2013. (12) Inflation rose at 1.4 percent in annual equivalent in May-Sep 2013. (13) Inflation moderated at the annual equivalent rate of 1.8 percent in Oct-Nov 2013. (14) Inflation stood at annual equivalent 2.4 percent in Dec 2013-Mar 2014. (15) Inflation returned at annual equivalent 1.8 percent in Apr-Jul 2014. (16) Annual equivalent inflation was 0.0 percent in Aug 2014. (17) Inflation was 0.0 percent in annual equivalent in Sep-Oct 2014. (18) Inflation fell at annual equivalent 4.3 percent in Nov 2014-Jan 2015. (19) Inflation increased at annual equivalent 3.2 percent in Feb-Jun 2015. (20) Annual equivalent inflation was 2.4 percent in Jul 2015. (21) Annual equivalent inflation was minus 1.2 percent in Aug-Sep 2015. (22) US consumer prices increased at annual equivalent 1.2 percent in Oct-Nov 2015. (23) US consumer prices decreased at annual equivalent 0.6 percent in Dec 2015-Jan 2016. (24) US consumer prices fell at annual equivalent 1.2 percent in Feb 2016. (25) US consumer prices increased at annual equivalent 3.7 percent in Mar-Apr 2016. (26) US consumer prices increased at annual equivalent 3.7 percent in May-Jun 2016. (27) Consumer prices changed at annual equivalent 0.0 percent in Jul 2016. (28) US consumer prices increased at annual equivalent 2.4 percent in Aug 2016. (29) Consumer prices increased at annual equivalent 2.4 percent in Sep-Oct 2016. (30) US consumer prices increased at 2.4 percent annual equivalent in Nov-Dec 2016. (31) Consumer prices increased at annual equivalent 4.9 percent in Jan 2017. (32) Consumer prices in the US increased at annual equivalent 1.2 percent in Feb 2017. (33) Consumer prices fell at 1.2 percent in Mar 2017. (34) Consumer prices increased at annual equivalent 1.2 percent in Apr 2017. (35) Consumer prices changed at annual equivalent 0.0 percent in May-Jun 2017. (36) Consumer prices increased at 1.2 percent annual equivalent in Jul 2017. (37) Consumer prices increased at annual equivalent 5.5 percent in Aug-Sep 2017. (38) US consumer prices increased at annual equivalent 2.4 percent in Oct-Nov 2017. (39) Prices of consumers in the US increased at annual equivalent 3.7 percent in Dec 2017-Feb 2018. (40) US consumer prices changed at 0.0 percent in Mar 2018. (41) Prices of consumers increased at 3.0 percent in Apr-May 2018. (42) Prices of consumers in the US increased at 1.8 percent annual equivalent in Jun-Sep 2018. (43) US consumer prices increased at annual equivalent 2.4 percent in Oct 2018. (44) Prices of consumers in the US changed at 0.0 percent in Nov 2018-Jan 2019. (45) US consumer prices increased at annual equivalent 3.7 percent in Feb-Apr 2019. (46) Prices of consumers in the US increased at 1.2 percent annual equivalent in May-Jun 2019. (47) US consumer prices increased at 3.7 percent annual equivalent in Jul 2019. (48) Prices of consumers in the US increased at 1.2 percent annual equivalent in Aug-Sep 2019. (49) US consumer prices increased at annual equivalent 2.4 percent in Oct-Dec 2019. (50) Prices of consumers in the US increased at annual equivalent 1.2 percent in Jan-Feb 2020. (51) Prices of consumers decreased at annual equivalent 5.1 percent in Mar-Mar 2020. (52) US consumer prices increased at annual equivalent 7.4 percent in Jun-Jul 2020. Inflationary expectations can be triggered in one of these episodes of accelerating inflation because of commodity carry trades induced by unconventional monetary policy of zero interest rates by reinvestment of principal in securities and issue of trillion of dollars of bank reserves in perpetuity or QE→∞ in almost continuous time. The FOMC is again engaging in increase of the balance sheet depending on data. The balance sheet is swelling in the global recession, with output in the US reaching a high in Feb 2020 (https://www.nber.org/cycles.html), in the lockdown of economic activity in the COVID-19 event. Alternating episodes of increase and decrease of inflation introduce uncertainty in household planning that frustrates consumption and home buying. Announcement of purchases of impaired sovereign bonds by the European Central Bank (https://www.ecb.europa.eu/press/pr/date/2012/html/pr120906_1.en.html) relaxed risk aversion that induced carry trades into commodity exposures, increasing prices of food, raw materials and energy. There is similar behavior in the other consumer price indexes in Table IA-2. China’s CPI increased at annual equivalent 8.3 percent in Jan-Mar 2011, 2.0 percent in Apr-Jun, 2.9 percent in Jul-Nov and resuscitated at 5.8 percent annual equivalent in Dec 2011 to Mar 2012, declining to minus 3.9 percent in Apr-Jun 2012 but resuscitating at 4.1 percent in Jul-Sep 2012, declining to minus 1.2 percent in Oct 2012 and 0.0 percent in Oct-Nov 2012. High inflation in China at annual equivalent 5.5 percent in Nov-Dec 2012 is attributed to inclement winter weather that caused increases in food prices. Continuing pressure of food prices caused annual equivalent inflation of 12.2 percent in China in Dec 2012 to Feb 2013. Inflation in China fell at annual equivalent 10.3 percent in Mar 2013 and increased at annual equivalent 2.4 percent in Apr 2013. Adjustment to lower food prices caused annual equivalent inflation of minus 7.0 percent in May 2013 and minus 3.5 percent in annual equivalent in May-Jun 2013. Inflation in China returned at annual equivalent 4.6 percent in Jul-Oct 2013, falling at 1.2 percent in annual equivalent in Nov 2013. As in many countries, inflation in China surged at 7.4 percent annual equivalent in Dec 2013-Feb 2014 with significant effects of local increases in food prices. Annual equivalent inflation in China fell at 4.7 percent in Mar-Apr 2014 and increased at 1.2 percent in May 2014. China’s inflation fell at annual equivalent 1.2 percent in Jun 2014 and increased at annual equivalent 2.4 percent in Jul-Oct 2014. Inflation in China fell at annual equivalent 2.4 percent in Nov 2014 and increased at annual equivalent 7.4 percent in Dec 2014-Feb 2015. Consumer prices in China fell at annual equivalent 2.7 percent in Mar-Jun 2015. China’s consumer prices increased at annual equivalent 4.9 percent in Jul-Aug 2015. China’s consumer prices increased at annual equivalent 1.2 percent in Sep 2015. The consumer price index of China decreased at 3.5 percent in Oct 2015 and increased at 4.1 percent in Nov 2015-Jan 2016. The consumer price index of China increased at annual equivalent 21.0 percent in Feb 2016 and fell at 3.5 percent annual equivalent in Mar-Jun 2016. China’s consumer prices increased at 1.8 percent in Jul-Aug 2016. The consumer price index of China increased at 8.7 percent annual equivalent in Sep 2016. Consumer prices fell at 1.2 percent in Oct 2016 and increased at 1.2 percent in Nov-Dec 2016. The consumer price index of China increased at annual equivalent 12.7 percent in Jan 2017. China’s consumer price index fell at annual equivalent 3.0 percent in Feb-Mar 2017. The consumer price index of China increased at 1.2 percent in Apr 2017 and fell at 1.8 percent in May-Jun 2017. China’s consumer prices increased at 1.2 percent annual equivalent in Jul 2017. The consumer price index of China increased at 4.1 percent annual equivalent in Aug-Oct 2017. China’s consumer prices changed at 0.0 percent in Nov 2017. The consumer price index of China increased at annual equivalent 3.7 percent in Dec 2017. China’s consumer prices increased at annual equivalent 11.3 percent in Jan-Feb 2018. The consumer price index of China fell at 4.7 percent annual equivalent in Mar-Jun 2018. China’s consumer prices increased at annual equivalent 7.0 percent in Jul-Sep 2018. The consumer price index of China increased at annual equivalent 2.4 percent in Oct 2018. China’s consumer prices fell at annual equivalent 1.8 percent in Nov-Dec 2018. The consumer price index of China increased at annual equivalent 9.4 percent in Jan-Feb 2019. China’s consumer prices fell at annual equivalent 4.7 percent in Mar 2019. The consumer price index of China increased at annual equivalent 0.6 percent in Apr-May 2019. China’s consumer prices fell at annual equivalent 1.2 percent in Jun 2019. The consumer price index of China increased at annual equivalent 8.3 percent in Jul-Aug 2019. China’s consumer prices increased at annual equivalent 9.2 percent in Sep-Nov 2019. The consumer price index of China changed at 0.0 percent in Dec 2019. China’s consumer prices increased at annual equivalent 14.0 percent in Jan-Feb 2020. The consumer price index of China decreased at annual equivalent 11.0 percent in Mar-May 2020. China’s consumer prices decreased at annual equivalent 1.2 percent in Jun 2020. The consumer price index of China increased at annual equivalent 7.4 percent in Jul 2020. The euro zone harmonized index of consumer prices (HICP) increased at annual equivalent 4.9 percent in Jan-Apr 2011, minus 2.4 percent in May-Jul 2011, 4.3 percent in Aug-Nov 2011, minus 3.0 percent in Dec 2011-Jan 2012 and then 9.6 percent in Feb-Apr 2012, falling to minus 2.8 percent annual equivalent in May-Jul 2012 but resuscitating at 5.3 percent in Aug-Oct 2012. The shock of risk aversion forced minus 2.4 percent annual equivalent in Nov 2012. As in several European countries, annual equivalent inflation jumped to 4.9 percent in the euro area in Dec 2012. The HICP price index fell at annual equivalent 11.4 percent in Jan 2013 and increased at 10.0 percent in Feb-Mar 2013. Prices in the euro zone fell at 1.2 percent in Apr 2013 and increased at 1.2 percent in May-Jun 2013. Inflation in the euro zone fell at annual equivalent 5.8 percent in Jul 2013. Inflation returned in the euro zone at annual equivalent 3.7 percent in Aug-Sep 2013. Euro zone inflation fell at the annual equivalent rate of 2.4 percent in Oct-Nov 2013. Euro zone inflation jumped at 4.9 percent annual equivalent in Dec 2013 as in many countries worldwide. Inflation in the euro zone fell at annual equivalent 12.4 percent in Dec 2013 and increased at annual equivalent 5.3 percent in Feb-Apr 2014. Inflation in the euro zone fell at 1.2 percent in May 2014 and increased at 1.2 percent in Jun 2014. Inflation in the euro area fell at annual equivalent 7.0 percent in Jul 2014 and increased at 3.0 percent in Aug-Sep 2014. Consumer prices of the euro zone fell at annual equivalent 5.6 percent in Oct 2014-Jan 2015. Consumer prices in the euro area increased at annual equivalent 7.8 percent in Feb-May 2015 and changed 0.0 percent in Jun 2015. Consumer prices in the euro zone fell at annual equivalent 3.5 percent in Jul-Aug 2015 and increased at the annual equivalent rate of 1.8 percent in Sep-Oct 2015. Consumer prices in the euro zone fell at 2.4 percent annual equivalent in Nov-Dec 2015. The consumer price index of the euro area fell at 16.6 percent annual equivalent in Jan 2016 and increased at 8.7 percent in Feb-Mar 2016. The consumer price index of the euro zone changed at 2.4 percent in Apr 2016 and increased at 3.7 percent in May-Jun 2016. Euro-zone consumer prices fell at annual equivalent 5.8 percent in Jul 2016. Consumer prices of the euro-zone increased at annual equivalent 1.2 percent in Aug 2016. Euro-zone consumer prices increased at annual equivalent 3.7 percent in Sep-Oct 2016 and fell at 4.7 percent annual equivalent in Nov 2016. Prices of consumer goods in the euro zone increased at 6.2 percent annual equivalent in Dec 2016. The euro zone price index fell at 10.3 percent annual equivalent in Jan 2017 and increased at 7.4 percent annual equivalent in Feb-Apr 2017. Euro zone consumer prices fell at annual equivalent 2.0 percent in May-Jul 2017. The euro zone price index increased at 4.3 percent annual equivalent in Aug-Sep 2017. Euro zone consumer prices decreased at annual equivalent 1.2 percent in Oct-Nov 2017. The euro zone consumer price index increased at annual equivalent 3.7 percent in Dec 2017. Euro zone consumer prices fell at annual equivalent 10.3 percent in Jan 2018. The euro zone consumer price index increased at annual equivalent 7.1 percent in Feb-May 2018. Euro zone consumer prices increased at annual equivalent 1.2 percent in Jun 2018. The euro zone consumer price index decreased at annual equivalent 2.4 percent in Jul 2018. Euro zone consumer prices increased at annual equivalent 3.2 percent in Aug-Oct 2018. The euro zone consumer price index fell at annual equivalent 6.2 percent in Nov-2018-Jan 2019. Euro zone consumer prices increased at annual equivalent 8.3 percent in Feb-Apr 2019. The euro zone consumer price index increased at annual equivalent 1.8 percent in May-Jun 2019. Euro zone consumer prices fell at annual equivalent 5.8 percent in Jul 2019. The euro zone consumer price index increased at annual equivalent 1.6 percent in Aug-Oct 2019. Euro zone consumer prices decreased at annual equivalent 3.5 percent in Nov 2019. The euro zone consumer price index increased at annual equivalent 3.7 percent in Dec 2019. Euro zone consumer prices fell at annual equivalent 11.4 percent in Jan 2020. The euro zone consumer price index increased at annual equivalent 4.1 percent in Feb-Apr 2020. Euro zone consumer prices decreased at annual equivalent 1.2 percent in May 2020. The euro zone consumer price index increased at annual equivalent 3.7 percent in Jun 2020. Euro zone consumer prices decreased at annual equivalent 4.7 percent in Jul 2020. The price indexes of the largest members of the euro zone, Germany, France and Italy, and the euro zone as a whole, exhibit the same inflation waves. The United Kingdom CPI increased at annual equivalent 6.5 percent in Jan-Apr 2011, falling to only 0.4 percent in May-Jul 2011 and then increasing at 4.6 percent in Aug-Nov 2011. UK consumer prices fell at 0.6 percent annual equivalent in Dec 2011 to Jan 2012 but increased at 6.2 percent annual equivalent from Feb to Apr 2012. In May-Jun 2012, with renewed risk aversion, UK consumer prices fell at the annual equivalent rate of minus 3.0 percent. Inflation returned in the UK at average annual equivalent of 4.5 percent in Jul-Dec 2012 with inflation in Oct 2012 caused mostly by increases of university tuition fees. Inflation returned at 4.5 percent annual equivalent in Jul-Dec 2012 and was higher in annual equivalent inflation of producer prices in the UK in Jul-Oct 2012 at 3.0 percent for output prices and 23.9 percent for input prices in Aug 2012 (see Table IA-1). Consumer prices in the UK fell at annual equivalent 5.8 percent in Jan 2013. Inflation returned in the UK with annual equivalent 4.3 percent in Feb-May 2013 and fell at 1.2 percent in Jun-Jul 2013. UK annual equivalent inflation returned at 3.4 percent in Aug-Dec 2013. CPI inflation fell at annual equivalent 7.0 percent in Jan 2014. Consumer price inflation in the UK returned at annual equivalent 4.5 percent in Feb-Apr 2014. UK consumer prices fell at annual equivalent 1.2 percent in May 2014 and increased at 2.4 percent in Jun 2014. UK consumer prices fell at annual equivalent 3.5 percent in Jul 2014 and increased at 2.0 percent in Aug-Oct 2014. UK consumer prices fell at annual equivalent 4.7 percent in Nov 2014-Jan 2015. UK consumer prices increased at 2.7 percent annual equivalent in Feb-May 2015 and decreased at 1.2 percent in Jun-Jul 2015. UK consumer prices increased at 2.4 percent annual equivalent in Aug 2015 and fell at annual equivalent 1.2 percent in Sep 2015. UK consumer prices increased at annual equivalent 0.8 percent in Oct-Dec 2015. UK consumer prices fell at 9.2 percent in Jan 2016 and increased at annual equivalent 2.8 percent in Feb-Apr 2016. The consumer price index of the UK increased at 2.4 percent annual equivalent in May-Jun 2016 and fell at annual equivalent 1.2 percent in Jul 2016. UK consumer prices increased at annual equivalent 2.4 percent in Aug-Nov 2016. Consumer prices in the UK increased at 6.2 percent annual equivalent in Dec 2016 and fell at 5.8 percent in Jan 2017. UK consumer prices increased at 6.8 percent in Feb-Mar 2017. Consumer prices increased at 4.9 percent annual equivalent in Apr-May 2017. UK consumer prices changed at minus 0.6 percent annual equivalent in Jun-Jul 2017. Consumer prices in the UK increased at annual equivalent 5.5 percent in Aug-Sep 2017. Consumer prices in the UK increased at annual equivalent 1.2 percent in Oct 2017. UK consumer prices increased at annual equivalent 4.3 percent in Nov-Dec 2017. Consumer prices in the UK decreased at annual equivalent 5.8 percent in Jan 2018. UK consumer prices increased at annual equivalent 3.0 percent in Feb-Mar 2018. Consumer prices increased at annual equivalent 4.9 percent in Apr-May 2018. UK consumer prices changed at annual equivalent 0.0 percent in Jun-Jul 2018. Consumer prices in the UK increased at annual equivalent 8.7 percent in Aug 2018. UK consumer prices increased at annual equivalent 1.2 percent in Sep-Oct 2018. Consumer prices in the UK increased at 2.4 percent in Nov-Dec 2018. UK consumer prices decreased at annual equivalent 9.2 percent in Jan 2019. UK consumer prices increased at annual equivalent 4.9 percent in Feb-May 2019. Consumer prices in the UK changed at annual equivalent 0.0 percent in Jun-Jul 2019. UK consumer prices increased at annual equivalent 3.0 percent in Aug-Sep 2019. Consumer prices in the UK decreased at annual equivalent 2.4 percent in Oct 2019. UK consumer prices increased at annual equivalent 1.2 percent in Nov-Dec 2019. Consumer prices in the UK decreased at annual equivalent 3.5 percent in Jan 2020. UK consumer prices increased at annual equivalent 2.4 percent in Feb-Mar 2020. Consumer prices in the UK decreased at annual equivalent 1.2 percent in Apr-May 2020. Consumer prices in the UK increased at annual equivalent 3.0 percent in Jul 2020.

Table IA-2, Annual Equivalent Rates of Consumer Price Indexes

Index 2011-2020	AE ∆%
US Consumer Price Index
AE ∆% Jun-Jul 2020	7.4
AE ∆% Mar-May 2020	-5.1
AE ∆% Jan-Feb 2020	1.2
AE ∆% Oct-Dec 2019	2.4
AE ∆% Aug-Sep 2019	1.2
AE ∆% Jul 2019	3.7
AE ∆% May-Jun 2019	1.2
AE ∆% Feb-Apr 2019	3.7
AE ∆% Nov 2018-Jan 2019	0.0
AE ∆% Oct 2018	2.4
AE ∆% Jun-Sep 2018	1.8
AE ∆% Apr-May 2018	3.0
AE ∆% Mar 2018	0.0
AE ∆% Dec 2017-Feb 2018	3.7
AE ∆% Oct-Nov 2017	2.4
AE ∆% Aug-Sep 2017	5.5
AE ∆% Jul 2017	1.2
AE ∆% May-Jun 2017	0.0
AE ∆% Apr 2017	1.2
AE ∆% Mar 2017	-1.2
AE ∆% Feb 2017	1.2
AE ∆% Jan 2017	4.9
AE ∆% Nov-Dec 2016	2.4
AE ∆% Sep-Oct 2016	2.4
AE ∆% Aug 2016	2.4
AE ∆% Jul 2016	0.0
AE ∆% May-Jun 2016	3.7
AE ∆% Mar-Apr 2016	3.7
AE ∆% Feb 2016	-1.2
AE ∆% Dec 2015-Jan 2016	-0.6
AE ∆% Oct-Nov 2015	1.2
AE ∆% Aug-Sep 2015	-1.2
AE ∆% Jul 2015	2.4
AE ∆% Feb-Jun 2015	3.2
AE ∆% Nov 2014-Jan 2015	-4.3
AE ∆% Sep-Oct 2014	0.0
AE ∆% Aug 2014	0.0
AE ∆% Apr-Jul 2014	1.8
AE ∆% Dec 2013-Mar 2014	2.4
AE ∆% Oct-Nov 2013	1.8
AE ∆% May-Sep 2013	1.4
AE ∆% Mar-Apr 2013	-3.0
AE ∆% Feb 2013	6.2
AE ∆% Nov 2012-Jan 2013	0.0
AE ∆% Aug-Oct 2012	5.7
AE ∆% May-Jul 2012	-1.2
AE ∆% Feb-Apr 2012	2.4
AE ∆% Dec 2011-Jan 2012	1.8
AE ∆% Oct-Nov 2011	1.8
AE ∆% Jul-Sep 2011	3.2
AE ∆% May-Jun 2011	1.8
AE ∆% Jan-Apr 2011	4.9
China Consumer Price Index
AE ∆% Jul 2020	7.4
AE ∆% Jun 2020	-1.2
AE ∆% Mar-May 2020	-11.0
AE ∆% Jan-Feb 2020	14.0
AE ∆% Dec 2019	0.0
AE ∆% Sep-Nov 2019	9.2
AE ∆% Jul-Aug 2019	8.3
AE ∆% Jun 2019	-1.2
AE ∆% Apr-May 2019	0.6
AE ∆% Mar 2019	-4.7
AE ∆% Jan-Feb 2019	9.4
AE ∆% Nov-Dec 2018	-1.8
AE ∆% Oct 2018	2.4
AE ∆% Jul-Sep 2018	7.0
AE ∆% Mar-Jun 2018	-4.7
AE ∆% Jan-Feb 2018	11.3
AE ∆% Dec 2017	3.7
AE ∆% Nov 2017	0.0
AE ∆% Aug-Oct 2017	4.1
AE ∆% Jul 2017	1.2
AE ∆% May-Jun 2017	-1.8
AE ∆% Apr 2017	1.2
AE ∆% Feb-Mar 2017	-3.0
AE ∆% Jan 2017	12.7
AE ∆% Nov-Dec 2016	1.2
AE ∆% Oct 2016	-1.2
AE ∆% Sep 2016	8.7
AE ∆% Jul-Aug 2016	1.8
AE ∆% Mar-Jun 2016	-3.5
AE ∆% Feb 2016	21.0
AE ∆% Nov 2015-Jan 2016	4.1
AE ∆% Oct 2015	-3.5
AE ∆% Sep 2015	1.2
AE ∆% Jul-Aug 2015	4.9
AE ∆% Mar-Jun 2015	-2.7
AE ∆% Dec 2014-Feb 2015	7.4
AE ∆% Nov 2014	-2.4
AE ∆% Jul-Oct 2014	2.4
AE ∆% Jun 2014	-1.2
AE ∆% May 2014	1.2
AE ∆% Mar-Apr 2014	-4.7
AE ∆% Dec 2013-Feb 2014	7.4
AE ∆% Nov 2013	-1.2
AE ∆% Jul-Oct 2013	4.6
AE ∆% May-Jun 2013	-3.5
AE ∆% Apr 2013	2.4
AE ∆% Mar 2013	-10.3
AE ∆% Dec 2012-Feb 2013	12.2
AE ∆% Oct-Nov 2012	0.0
AE ∆% Jul-Sep 2012	4.1
AE ∆% Apr-Jun 2012	-3.9
AE ∆% Dec 2011-Mar 2012	5.8
AE ∆% Jul-Nov 2011	2.9
AE ∆% Apr-Jun	2.0
AE ∆% Jan-Mar 2011	8.3
Euro Zone Harmonized Index of Consumer Prices
AE ∆% Jul 2020	-4.7
AE ∆% Jun 2020	3.7
AE ∆% May 2020	-1.2
AE ∆% Feb-Apr 2020	4.1
AE ∆% Jan 2020	-11.4
AE ∆% Dec 2019	3.7
AE ∆% Nov 2019	-3.5
AE ∆% Aug-Oct 2019	1.6
AE ∆% Jul 2019	-5.8
AE ∆% May-Jun 2019	1.8
AE ∆% Feb-Apr 2019	8.3
AE ∆% Nov 2018-Jan 2019	-6.2
AE ∆% Aug-Oct 2018	3.2
AE ∆% Jul 2018	-2.4
AE ∆% Jun 2018	1.2
AE ∆% Feb-May 2018	7.1
AE ∆% Jan 2018	-10.3
AE ∆% Dec 2017	3.7
AE ∆% Oct-Nov 2017	-1.2
AE ∆% Aug-Sep 2017	4.3
AE ∆% May-Jul 2017	-2.0
AE ∆% Feb-Apr 2017	7.4
AE ∆% Jan 2017	-10.3
AE ∆% Dec 2016	6.2
AE ∆% Nov 2016	-4.7
AE ∆% Sep-Oct 2016	3.7
AE ∆% Aug 2016	1.2
AE ∆% Jul 2016	-5.8
AE ∆% May-Jun 2016	3.7
AE ∆% Apr 2016	2.4
AE ∆% Feb-Mar 2016	8.7
AE ∆% Jan 2016	-16.6
AE ∆% Nov-Dec 2015	-2.4
AE ∆% Sep-Oct 2015	1.8
AE ∆% Jul-Aug 2015	-3.5
AE ∆% Jun 2015	0.0
AE ∆% Feb-May 2015	7.8
AE ∆% Oct 2014-Jan 2015	-5.6
AE ∆% Aug-Sep 2014	3.0
AE ∆% Jul 2014	-7.0
AE ∆% Jun 2014	1.2
AE ∆% May 2014	-1.2
AE ∆% Feb-Apr 2014	5.3
AE ∆% Jan 2014	-12.4
AE ∆% Dec 2013	4.9
AE ∆% Oct-Nov 2013	-2.4
AE ∆% Aug-Sep 2013	3.7
AE ∆% Jul 2013	-5.8
AE ∆% May-Jun 2013	1.2
AE ∆% Apr 2013	-1.2
AE ∆% Feb-Mar 2013	10.0
AE ∆% Jan 2013	-11.4
AE ∆% Dec 2012	4.9
AE ∆% Nov 2012	-2.4
AE ∆% Aug-Oct 2012	5.3
AE ∆% May-Jul 2012	-2.8
AE ∆% Feb-Apr 2012	9.6
AE ∆% Dec 2011-Jan 2012	-3.0
AE ∆% Aug-Nov 2011	4.3
AE ∆% May-Jul 2011	-2.4
AE ∆% Jan-Apr 2011	4.9
Germany Consumer Price Index
AE ∆% Oct-Dec 2018	1.6 NSA 0.8 SA
AE ∆% Aug-Sep 2018	3.0 NSA 3.0 SA
AE ∆% May-Jul 2018	3.7 NSA 2.8 SA
AE ∆% Apr 2018	0.0 NSA 2.4 SA
AE ∆% Feb-Mar 2018	5.5 NSA 1.8 SA
AE ∆% Jan 2018	-8.1 NSA 1.2 SA
AE ∆% Nov-Dec 2017	5.5 NSA 3.0 SA
AE ∆% Aug-Oct 2017	0.8 NSA 1.6 SA
AE ∆% Jun-Jul 2017	3.7 NSA 2.4 SA
AE ∆% May 2017	-2.4 NSA -1.2 SA
AE ∆% Apr 2017	0.0 NSA 2.4 SA
AE ∆% Feb-Mar 2017	4.9 NSA 0.6 SA
AE ∆% Jan 2017	-7.0 NSA 2.4 SA
AE ∆% Dec 2016	8.7 NSA 4.9 SA
AE ∆% Sep-Nov 2016	1.6 NSA 2.0 SA
AE ∆% Aug 2016	0.0 NSA 1.2 SA
AE ∆% May-Jul 2016	2.8 NSA 1.6 SA
AE ∆% Apr 2016	-4.7 NSA -1.2 SA
AE ∆% Feb-Mar 2016	7.4 NSA 1.2 SA
AE ∆% Dec 2015-Jan 2016	-5.3 NSA -1.2 SA
AE ∆% Nov 2015	1.2 NSA 1.2 SA
AE ∆% Oct 2015	0.0 NSA 1.2 SA
AE ∆% Sep 2015	-2.4 NSA -1.2 SA
AE ∆% Jul-Aug 2015	1.2 NSA 0.0 SA
AE ∆% Jun 2015	-1.2 NSA -1.2 SA
AE ∆% Feb-May 2015	4.6 NSA 1.2 SA
AE ∆% Jan 2015	-11.4 NSA -1.2 SA
AE ∆% Aug-Dec 2014	-0.7 NSA 0.0 SA
AE ∆% Jun-Jul 2014	3.7 NSA 1.2 SA
AE ∆% Apr-May 2014	-1.8 NSA 0.0 SA
AE ∆% Feb-Mar 2014	4.9 NSA 0.0 SA
AE ∆% Jan 2014	-7.0 NSA 2.4 SA
AE ∆% Nov-Dec 2013	3.7 NSA 2.4 SA
AE ∆% Oct 2013	-2.4 NSA 1.2 SA
AE ∆% Aug-Sep 2013	0.0 NSA 0.6 SA
AE ∆% May-Jul 2013	4.1 NSA 2.4 SA
AE ∆% Apr 2013	-5.8 NSA 0.0 SA
AE ∆% Feb-Mar 2013	6.8 NSA 1.2 SA
AE ∆% Jan 2013	-5.8 NSA 1.2 SA
AE ∆% Sep-Dec 2012	1.5 NSA 1.5 SA
AE ∆% Jul-Aug 2012	4.9 NSA 3.0 SA
AE ∆% May-Jun 2012	-1.2 NSA 0.6 SA
AE ∆% Feb-Apr 2012	4.5 NSA 2.4 SA
AE ∆% Dec 2011-Jan 2012	0.6 NSA 1.8 SA
AE ∆% Jul-Nov 2011	1.7 NSA 1.9 SA
AE ∆% May-Jun 2011	0.6 NSA 3.0 SA
AE ∆% Jan-Apr 2011	3.0 NSA 2.4 SA
France Consumer Price Index
AE ∆% Jul 2020	4.9
AE ∆% Mar-Jun 2020	1.2
AE ∆% Jan-Feb 2020	-2.4
AE ∆% Nov-Dec 2019	3.0
AE ∆% Sep-Oct 2019	-1.8
AE ∆% Aug 2019	6.2
AE ∆% Jul 2019	-2.4
AE ∆% May-Jun 2019	1.8
AE ∆% Feb-Apr 2019	4.9
AE ∆% Nov 2018-Jan 2019	-2.4
AE ∆% Oct 2018	1.2
AE ∆% Sep 2018	-2.4
AE ∆% Aug 2018	6.2
AE ∆% Jun-Jul 2018	-0.6
AE ∆% Mar-May 2018	6.6
AE ∆% Jan-Feb 2018	-0.6
AE ∆% Oct-Dec 2017	2.0
AE ∆% Sep 2017	-2.4
AE ∆% Aug 2017	6.2
AE ∆% Jul 2017	-4.7
AE ∆% Apr-Jun 2017	0.4
AE ∆% Feb-Mar 2017	4.3
AE ∆% Jan 2017	-3.5
AE ∆% Dec 2016	3.7
AE ∆% Oct-Nov 2016	0.0
AE ∆% Sep 2016	-2.4
AE ∆% Aug 2016	3.7
AE ∆% Jul 2016	-4.7
AE ∆% Jun 2016	1.2
AE ∆% Feb-May 2016	4.6
AE ∆% Jan 2016	-11.4
AE ∆% Dec 2015	2.4
AE ∆% Nov 2015	-2.4
AE ∆% Oct 2015	1.2
AE ∆% Sep 2015	-4.7
AE ∆% Aug 2015	3.7
AE ∆% Jun-Jul 2015	-3.0
AE ∆% Feb-May 2015	5.2
AE ∆% Jan 2015	-11.4
AE ∆% Dec 2014	1.2
AE ∆% Sep-Nov 2014	-2.4
AE ∆% Aug 2014	4.9
AE ∆% Jul 2014	-3.5
AE ∆% Apr-Jun 2014	0.0
AE ∆% Feb-Mar 2014	6.8
AE ∆% Jan 2014	-7.0
AE ∆% Dec 2013	3.7
AE ∆% Sep-Nov 2013	-1.6
AE ∆% Aug 2013	6.2
AE ∆% Jul 2013	-3.5
AE ∆% May-Jun 2013	1.8
AE ∆% Apr 2013	-2.4
AE ∆% Feb-Mar 2013	6.8
AE ∆% Nov 2012-Jan 2013	-1.6
AE ∆% Aug-Oct 2012	2.8
AE ∆% May-Jul 2012	-2.4
AE ∆% Feb-Apr 2012	5.3
AE ∆% Dec 2011-Jan 2012	0.0
AE ∆% Aug-Nov 2011	2.7
AE ∆% May-Jul 2011	-1.2
AE ∆% Jan-Apr 2011	4.0
Italy Consumer Price Index
AE ∆% Jul 2020	-2.4
AE ∆% Jun 2020	1.2
AE ∆% May 2020	-2.4
AE ∆% Mar-Apr 2020	1.2
AE ∆% Feb 2020	-1.2
AE ∆% Dec 2019-Jan 2020	1.8
AE ∆% Sep-Nov 2019	-3.5
AE ∆% Aug 2019	4.9
AE ∆% May-Jul 2019	0.4
AE ∆% Mar-Apr 2019	3.0
AE ∆% Jan-Feb 2019	1.2
AE ∆% Nov-Dec 2018	-1.8
AE ∆% Sep-Oct 2018	-3.0
AE ∆% May-Aug 2018	3.7
AE ∆% Feb-Apr 2018	1.6
AE ∆% Dec 2017-Jan 2018	4.3
AE ∆% Sep-Nov 2017	-2.8
AE ∆% Jul-Aug 2017	2.4
AE ∆% May-Jun 2017	-1.8
AE ∆% Apr 2017	4.9
AE ∆% Mar 2017	0.0
AE ∆% Dec 2016-Feb 2017	4.5
AE ∆% Sep-Nov 2016	-1.6
AE ∆% Jul-Aug 2016	2.4
AE ∆% May-Jun 2016	2.4
AE ∆% Apr 2016	-1.2
AE ∆% Mar 2016	2.4
AE ∆% Jan-Feb 2016	-2.4
AE ∆% Nov-Dec 2015	-2.4
AE ∆% Oct 2015	2.4
AE ∆% Sep 2015	-4.7
AE ∆% Aug 2015	2.4
AE ∆% Jul 2015	-1.2
AE ∆% Feb-Jun 2015	2.4
AE ∆% Nov 2014-Jan 2015	-2.4
AE ∆% Oct 2014	1.2
AE ∆% Sep 2014	-4.7
AE ∆% Aug 2014	2.4
AE ∆% Jul 2014	-1.2
AE ∆% Jun 2014	1.2
AE ∆% May 2014	-1.2
AE ∆% Mar-Apr 2014	1.8
AE ∆% Feb 2014	-1.2
AE ∆% Dec 2013-Jan 2014	2.4
AE ∆% Sep-Nov 2013	-3.2
AE ∆% Dec 2012-Aug 2013	2.0
AE ∆% Sep-Nov 2012	-0.8
AE ∆% Jul-Aug 2012	3.0
AE ∆% May-Jun 2012	1.2
AE ∆% Feb-Apr 2012	5.7
AE ∆% Dec 2011-Jan 2012	4.3
AE ∆% Oct-Nov 2011	3.0
AE ∆% Jul-Sep 2011	2.4
AE ∆% May-Jun 2011	1.2
AE ∆% Jan-Apr 2011	4.9
UK Consumer Price Index
∆% Jun-Jul 2020	3.0
∆% Apr-May 2020	-1.2
∆% Feb-Mar 2020	2.4
∆% Jan 2020	-3.5
∆% Nov-Dec 2019	1.2
∆% Oct 2019	-2.4
∆% Aug-Sep 2019	3.0
∆% Jun-Jul 2019	0.0
∆% Feb-May 2019	4.9
∆% Jan 2019	-9.2
∆% Nov-Dec 2018	2.4
∆% Sep-Oct 2018	1.2
∆% Aug 2018	8.7
∆% Jun-Jul 2018	0.0
∆% Apr-May 2018	4.9
∆% Feb-Mar 2018	3.0
∆% Jan 2018	-5.8
∆% Nov-Dec 2017	4.3
∆% Oct 2017	1.2
∆% Aug-Sep 2017	5.5
∆% Jun-Jul 2017	-0.6
∆% Apr-May 2017	4.9
∆% Feb-Mar 2017	6.8
∆% Jan 2017	-5.8
∆% Dec 2016	6.2
∆% Aug-Nov 2016	2.4
∆% Jul 2016	-1.2
∆% May-Jun 2016	2.4
∆% Feb-Apr 2016	2.8
∆% Jan 2016	-9.2
∆% Oct-Dec 2015	0.8
∆% Sep 2015	-1.2
∆% Aug 2015	2.4
∆% Jun-Jul 2015	-1.2
∆% Feb-May 2015	2.7
AE ∆% Nov 2014-Jan 2015	-4.7
AE ∆% Aug-Oct 2014	2.0
AE ∆% Jul 2014	-3.5
AE ∆% Jun 2014	2.4
AE ∆% May 2014	-1.2
AE ∆% Feb-Apr	4.5
AE ∆% Jan 2014	-7.0
AE ∆% Aug-Dec 2013	3.4
AE ∆% Jun-Jul 2013	-1.2
AE ∆% Feb-May 2013	4.3
AE ∆% Jan 2013	-5.8
AE ∆% Jul-Dec 2012	4.5
AE ∆% May-Jun 2012	-3.0
AE ∆% Feb-Apr 2012	6.2
AE ∆% Dec 2011-Jan 2012	-0.6
AE ∆% Aug-Nov 2011	4.6
AE ∆% May-Jul 2011	0.4
AE ∆% Jan-Apr 2011	6.5