Below is a chart and excerpt from today's Early Look written by Director of Research Daryl Jones.  

Practically speaking, inflation has a long way to go before it normalizes. Consider today’s Chart of the Day of price measures in Germany.  On one hand, the chart does show some deceleration from recent highs, which we also saw today in Germany July Wholesale prices slowing to +19.5% from +21.2% in June.

The bigger picture though remains, which is that many key measures of inflation in the Eurozone remain near 40-to-50-year highs. Just as electricity prices in most of Europe are about to re-set higher . . .

CHART OF THE DAY: The Bigger Picture --> German Inflation - germany