Persistent inflation, above pre crisis levels, except for China

Inflation above pre-crisis levels
Source: Amundi Research. Data is as of 31 January 2022. Forecasts are by Amundi Research and are as of 21 January 2022. CPI: consumer price index, average % YoY growth.

Inflationary pressures should prove persistent in 2022, especially early in the year. We expect US CPI to be 5.0% on average and the Eurozone’s should remain well above 3.0% this year. China’s situation is different though, as CPI slowed to 0.9% YoY in 2021 and should only accelerate mildly in 2022.

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RC - Author - Vincent Mortier
Group Chief Investment Officer