ISMS 21: CPI Collapsing Across the Globe

Apr 23, 2023

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Will the global CPI slowdown continue?

Economies across the world have a GDP of about US$90trn and an average CPI of 6.2%
DM CPI was 5.7%
EM CPI was 6.9%

DM CPI was 5.7%, down 0.9ppts from one year ago; MoM it was down 0.8ppt
It has moved from being in line with World CPI last year; to the current 0.5ppt discount
EM CPI was 6.9%, which is about flat vs. one year ago; MoM it was down 0.8ppt
It has moved from being in line with the World CPI last year; to the current 0.7ppt premium

DM Americas CPI was 4.9%, down 3.4ppts from one year ago; MoM it was down 1ppts.
It has moved from a 1.7ppts premium to World CPI last year; to the current 1.3ppts discount
DM Europe CPI was 7.1%, up 0.9ppts from one year ago; MoM it was down 1.1ppts.
It has moved from a 0.5ppts discount to World CPI last year; to the current 0.9ppts premium
DM Pacific CPI was 4.7%, up 2.4ppts from one year ago; MoM it was up 0.4ppts.
It has moved from a 4.4ppts discount to World CPI last year; to the current 1.5ppts discount

EM Americas CPI was 7%, down 2.4ppts from one year ago; MoM it was down 0.8ppts.
It has moved from a 2.6ppts premium to World CPI last year; to the current 0.7ppts premium
EM Asia CPI was 1.9%, down 0.6ppts from one year ago; MoM it was down 0.4ppts.
It has moved from a 4.1ppts discount to World CPI last year; to the current 4.3ppts discount
EM Europe CPI was 17.7%, down 6.1ppts from one year ago; MoM it was down 5ppts.
It has moved from a 17.1ppts premium to World CPI last year; to the current 11.4ppts premium
EM ME&A CPI was 11.5%, up 6.4ppts from one year ago; MoM it was up 0.4ppts.
It has moved from a 1.5ppts discount to World CPI last year; to the current 5.3ppts premium
Frontier CPI was 31.2%, up 14.7ppts from 1yr ago; MoM up 0.3ppts
It has moved from a 9.9ppts premium to World CPI last year; to the current 25ppts premium. This region was up YoY and MoM

Top five DM countries
US GDP was US$23trn, CPI of 5.0%
Japan US$4.9trn and 3.9% CPI
Germany US$4.2trn and 7.5% CPI
UK: US$3.2trn, 10.2%
France: US$2.9trn/5.8%
USA CPI was 5%, down 3.5ppts from one year ago; MoM it was down 1ppts.
It has moved from a 1.8ppts premium to World CPI last year; to the current 1.2ppts discount
Japan CPI was 3.9%, up 2.7ppts from one year ago; MoM it was up 0.6ppts.
It has moved from a 5.5ppts discount to World CPI last year; to the current 2.3ppts discount
Germany CPI was 7.5%, up 1.9ppts from one year ago; MoM it was down 1.3ppts.
It has moved from a 1.1ppts discount to World CPI last year; to the current 1.3ppts premium
UK CPI was 10.2%, up 3.1ppts from one year ago; MoM it was down 0.4ppts.
It has moved from a 0.4ppts premium to World CPI last year; to the current 4ppts premium
France CPI was 5.8%, up 1.3ppts from one year ago; MoM it was down 0.6ppts.
It has moved from a 2.1ppts discount to World CPI last year; to the current 0.4ppts discount

China: US$17.5trn/0.6%
India: US$3.2trn/5.6%
Korea: US$1.8trn/4.3%
Russia: US$1.8trn/3.6%
Brazil: US$1.6trn/4.7%
China CPI was 0.6%, down 0.9ppts from one year ago; MoM it was down 0.3ppts.
It has moved from a 5.2ppts discount to World CPI last year; to the current 5.6ppts discount
India CPI was 5.6%, down 1.5ppts from one year ago; MoM it was down 0.8ppts.
It has moved from a 0.4ppts premium to World CPI last year; to the current 0.6ppts discount
Korea CPI was 4.3%, up 0.2ppts from one year ago; MoM it was down 0.6ppts.
It has moved from a 2.6ppts discount to World CPI last year; to the current 2ppts discount
Russia CPI was 3.6%, down 12.9ppts from one year ago; MoM it was down 7.5ppts.
It has moved from a 9.8ppts premium to World CPI last year; to the current 2.7ppts discount
Brazil CPI was 4.7%, down 6.5ppts from one year ago; MoM it was down 0.9ppts.
It has moved from a 4.5ppts premium to World CPI last year; to the current 1.6ppts discount

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