Charting the Global Economy: Inflation’s Grip Tightens Further

US

Excluding food and energy, the price index of goods surged 10.7%, the largest 12-month advance since 1975.

Mortgage rates in the U.S., tracking a jump in yields for 10-year Treasuries, rose for a third straight week, reaching the highest point in almost two years. Signs point to borrowing costs rising further.

Europe

Germany is headed for its second recession of the pandemic after the emergence of the coronavirus’s omicron strain compounded drags on output from supply snarls and the fastest inflation in three decades.

Asia

Inflation expectations for Japanese households jumped to the highest in 13 years, showing how costlier energy is influencing sentiment even as overall price gains remain far below the Bank of Japan’s target.

Stockpiles of metals including aluminum and nickel tracked by the market’s biggest exchange fell again, stoking worries about tighter supplies that’s sent prices rallying recently. Metals prices have climbed lately as production outages and smaller inventories revive worries about global supplies of materials crucial to manufacturing and the green-energy transition.

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