CHART OF THE DAY: Inflation Peaking Globally?

Globally, the evidence that inflation may be peaking is even more clear. Consider some of the key data we received this week so far:

• China December PPI came in at +10.3% Y/Y versus +12.9% in November;
• Russian December CPI decelerated to +8.39%, which was lower than November; 
• South Korea Import Prices and Export Prices both decelerated versus November; and
• Argentina CPI decelerated to +50.9% from +51.2% in the prior month (although wow that's inflation!). 

In fact, based on the CPI inflation we track globally for 47 countries, so far 12 countries have reported slowing CPI in December versus November. Conversely, in November all but 4 countries printed accelerating CPI.