CHART OF THE DAY: Got Inflation? (Germany Does!)

At the moment, the big debate is whether inflation has peaked and what the implications of that could be for Fed policy. In Europe, there is much less of a debate because inflation hasn’t peaked. Consider some of the inflation data from Europe over the last 48 hours:

• Eurozone July CPI came in at +8.9% Y/Y, which is an acceleration over June’s reading of +8.6%

• U.K. CPI came in at +10.1% Y/Y, Retail Prices at 12.3% Y/Y, and Output PPI at +17.1% . . . all of which were near 40-year highs

• German PPI came in at +37.2% Y/Y today and +5.3% M/M, which is an all-time high

Decelerating inflation? Well, not so much in Europe.