Core inflation excluding housing is lower in the US than in the euro area

Inflation sous-jacente hors loyers plus faible aux US qu’en zone euro

Angel Gomez and Eric Monnet

Eco Notepad from Banque de France

Abstract: The difference in core inflation between the United States and the euro area is mainly due to housing rents. Since last year’s blogpost on the issue, this feature has become even more blatant: core inflation excluding housing rents is currently lower in the United States than in the euro area, whereas US core inflation is still much higher.

L’écart d’inflation sous-jacente entre États-Unis (US) et zone euro (ZE) est dû essentiellement au poids des loyers dans les indices des prix. Depuis le billet de l’année dernière sur la question, ce constat est confirmé : l’inflation sous-jacente hors loyers est actuellement plus faible aux États-Unis qu’en zone euro, mais l’inflation sous-jacente reste nettement plus élevée aux États-Unis.

Date: 2018-03-09
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