Global Data Pod: Inflation Monitor - Core goods inflation firms as services cool

Global headline inflation cooled in July but is set to reaccelerate in August as higher energy prices reverse the recent decline. Food inflation has remained remarkably subdued, though rising pipeline pressures suggest a gradual pickup into year-end. Core inflation remains sticky at 2.7%oya, but a rotation is taking hold, with easing services inflation increasingly offset by firmer goods price inflation. We expect this dynamic to keep global inflation close to 3% and reinforce the case for further central bank tightening. Against this backdrop, next week’s US CPI report will be closely watched ahead of this month’s FOMC decision.

Speakers

Nora Szentivanyi, Global Economist

Abiel Reinhart, US Economist

Raphael Brun-Aguerre, Euro Area Economist

This podcast was recorded on Sept 3rd, 2026.

This communication is provided for information purposes only.  Institutional clients can view the related reports at

https://www.jpmm.com/research/content/GPS-5421842-0

https://www.jpmm.com/research/content/GPS-5406573-0

https://www.jpmm.com/research/content/GPS-5432155-0

https://www.jpmm.com/research/content/GPS-5381881-0

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