Core Inflation by Country

Why compare Core Inflation across countries?

Central banks set policy off core, not headline, because energy and food prices reverse on their own and don't reflect persistent domestic price pressure. For FX, sticky core inflation is the single biggest reason a central bank holds rates higher for longer, which sustains the rate differential and supports the currency. Core that converges back to target faster than expected typically opens the door to cuts and weighs on the currency.

How to read the country list

Compare each currency's core print to its central bank's target (usually 2 percent). The gap and the direction of travel matter more than the absolute level. Cross-reference against the policy rate page to see who is comfortable cutting and who is stuck.