Investor Presentaiton
Accelerated inflation due to supply constraints
Core consumer price inflation rate in major developed economies
(y-o-y, %)
5.0
Eurozone
-Japan
4.0
US
-UK
3.0
2.0
1.0
0.0
-1.0
NOMURA
At the same time, we are facing a sort of
growing pain ahead of the endgame.
The production of various durable goods, the
demand for which surged during the pandemic
as stay at home and work from home became
common, now suffers supply constraints for
intermediate parts including semiconductor
chips.
Mismatches in supply and demand caused by
supply constraints are leading accelerated
inflation, driven by elevated international
commodities prices.
-2.0
-3.0
00 02 04
06
90
08
80
10
10
12
14 16 18
20 (CY)
Note: Definition of 'core' depends on particulars for each economy. Japan's core inflation includes
impacts of consumption tax hikes and free education policy.
Source: Nomura, based on Haver Analytics data
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