Nora Szentivanyi and Raphael Brun-Aguerre discuss their takeaways from the September CPI reports and how the incoming data are shaping the outlook for global inflation and monetary policy. Global headline inflation eased further to 2.7%oya, aided by falling energy prices––a decline that has supported consumer purchasing power. But core inflation is proving to be sticky around 3% after stepping down from 3.4%ar in 1H24. Services inflation globally continues to run above pre-pandemic norms, even as goods prices have returned to their pre-pandemic inflation rate. However, persistent divergences in both domestic demand and supply are now starting to drive greater variation in inflation outcomes. 

This podcast was recorded on October 24, 2024.

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