Global Economics

Global Inflation Watch

13 September, 2017

Higher inflation remains elusive

Although economic activity has gathered pace this year, and many advanced economies are approaching full employment, there is no evidence of a pick-up in wage inflation. Average earnings growth has remained exceptionally sluggish even in countries such as Germany and Japan, where the unemployment rate is at multi-decade lows, and it has actually fallen in recent months in the US. If anything, the structural changes which have changed the relationship between inflation and spare capacity may have

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