Advanced Country Headline Inflation Rates – May 2022

High inflation not just in the US:

Figure 1: Year-on-year CPI inflation for US (black), Euro area (HICP) (tan), UK (green), Canada (red), Australia (pink), in %. NBER defined peak-to-trough recession dates for US shaded gray. Source: BLS via FRED, European Commission via FRED, Canada via Statistics Canada, Australia via FRED/OECD MEI, NBER and author’s calculations.