Inflation
World Inflation Dashboard
🇺🇸 🇬🇧 🇪🇺 🇨🇦 🇳🇿 🇯🇵 🇦🇺
Inflation Target: 2%
〔March 2026 Release〕CPI: 3.3%┃Core CPI: 2.6%┃Food: 2.7%┃Energy: 12.5%
United States
CPI and Core CPI
CPI is calculated from prices of food, clothing, shelter, fuels, transportation fares, service fees (e.g., water and sewer), and sales taxes. Data are collected monthly from roughly 4,000 housing units and 26,000 retail establishments in 87 urban areas.
Core CPI excludes food and energy prices because they are highly volatile, providing a more stable measure of underlying inflation.
〔March 2026 Release〕PCE: 3.5%┃Core PCE: 3.2% (seasonally adjusted)
Fed-Preferred Measure
PCE and Core PCE
PCE Price Index measures the prices paid for goods and services by people living in the United States, or by others purchasing on their behalf. Changes in the PCE price index are known for capturing inflation (or deflation) across a broad range of consumer spending and reflecting shifts in consumer behavior.
Core PCE Price Index excludes food and energy prices.
〔March 2026 Release〕PPI: 4.0% ┃ Core PPI: 3.8%
PPI and Core PPI
PPI is a family of indexes that tracks the average change over time in the selling prices received by domestic producers of goods and services. PPIs measure price changes from the seller’s perspective, in contrast to measures such as the Consumer Price Index (CPI), which reflect price changes from the buyer’s perspective.
Core PPI excludes the more volatile food and energy sectors.
Inflation Target: 2%
United Kingdom
〔March 2026 Release〕CPI: 3.3%┃Core CPI: 3.1%┃Goods: 2.1%┃Services: 4.5%
CPI and Core CPI
CPI (Consumer Price Index) measures consumer price inflation in accordance with international standards and is based on European regulations for the Harmonised Index of Consumer Prices, allowing consistent comparisons of inflation internationally. The CPI is the inflation measure that the UK government uses to set and monitor its inflation target.
Core CPI excludes energy, food, alcohol and tobacco, focusing on the underlying inflation.
More Robust Measure
〔March 2026 Release〕CPIH: 3.4%┃Core CPIH: 3.3%┃Goods: 2.1%┃Services: 4.3%
CPIH and Core CPIH
CPIH (Consumer Prices Index including owner occupiers’ housing costs) is the most comprehensive measure of inflation. It expands on the Consumer Prices Index (CPI) by including the costs of owning, maintaining and living in one’s own home, known as owner occupiers’ housing (OOH) costs, together with council tax. These are important expenses for many households but are not covered in the CPI.
Core CPIH excludes energy, food, alcohol and tobacco, providing a clearer measure of underlying inflation.
〔March 2026 Release〕RPI: 4.1%
Retail Price Index
RPI is a UK measure of inflation that tracks changes in the cost of a representative basket of goods and services, including housing costs such as mortgage interest, council tax and certain other housing-related expenses. It is used for uprating pensions, wages and index-linked financial instruments. Unlike CPI and CPIH, RPI is not the government’s official inflation target measure and typically reports higher inflation due to its broader coverage of housing costs.
Inflation Target: 2%
〔April 2026 Release〕HICP: 3.0%┃Core HICP: 2.1%┃Food: 1.9%┃Energy: 10.9%
Euro Area (EA)
HICP and Core HICP
HICP (Harmonised Index of Consumer Prices) is the primary measure of inflation in the euro area. It reflects the average change in prices of a representative basket of consumer goods and services, covering most household spending. Almost all goods and services bought by consumers are included in the HICP. In technical terms, it is called household final monetary consumption expenditure. However, spending on purchasing and maintaining houses to live in, known as owner-occupied housing expenditure, is not yet included in the HICP.
Core HICP is HICP excluding energy and unprocessed food to capture underlying inflation.
〔March 2026 Release〕HICP: 2.8%┃Core HICP: 2.4%┃Food: 2.1%┃Energy: 5.4%
European Union
EU and EA
The European Union (EU) is a unique economic and political union comprising 27 European countries. Its members collaborate to enhance the well-being of people across Europe, and even further afield.
27 EU Countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.
The Euro area (Eurozone) is a subset of the European Union, consisting 21 of the EU countries that have adopted the euro (€) as their official currency.
Czechia, Denmark, Hungary, Poland, Romania and Sweden are 6 members of the European Union that do not use the euro as their official currency.
Inflation Target: 2%; Target Range 1% – 3%
Canada
〔March 2026 Release〕Total CPI: 2.4%
Total CPI
Total CPI (Consumer Price Index) is a measure of changes in prices paid by Canadians. It is calculated by comparing, over time, the cost of a fixed basket of goods and services purchased by consumers. The CPI is widely used to indicate inflation. Inflation erodes the purchasing power of money and is relevant to virtually all Canadians. Certain components of the CPI can exhibit considerable volatility. These components (i.e. food and energy prices), together with changes in indirect taxes such as GST, can result in substantial fluctuations in the overall CPI.
Core Inflation Measures
〔March 2026 Release〕CPI – trim: 2.2%┃CPI – median: 2.3%
CPI – Trim and Median
CPI-trim is a measure of core inflation that excludes CPI components whose monthly price changes fall in the tails of the price distribution. It filters out extreme movements caused by factors specific to certain components. Specifically, CPI-trim removes 20 per cent of the weighted monthly price variations at both the bottom and top, filtering out 40 per cent of the total CPI basket. The excluded components can change each month, for example, food prices affected by severe weather.
CPI-median is a measure of core inflation that reflects the price change at the 50th percentile or midpoint of the distribution of monthly price changes.
Inflation Target: 2%; Target Range 1% – 3%
〔Q1 2026 Release〕CPI: 3.1%┃Core CPI: 2.7%
New Zealand
CPI and Core CPI
CPI (Consumer Price Index) measures price changes of a fixed basket of 598 goods and services purchased by New Zealand households. These items are classified into 11 groups: food; alcohol and tobacco; clothing and footwear; housing and utilities; household contents and services; health; transport; communication; recreation and culture; education; and miscellaneous goods and services.
Core CPI measures the underlying inflation by focusing on the common price trends in the CPI basket while excluding volatile items. The Reserve Bank of New Zealand develops a sectoral factor model that separates tradable and non-tradable goods to capture these trends. GST is excluded from the data.
〔Q4 2025 Release〕PPI Inputs: 3.2%┃PPI Outputs: 3.5%
PPI Inputs and Outputs
PPI (Producer Price Index) measures overall changes in the prices of goods at the producer level, providing an early indicator of inflationary pressures in the economy.
The Inputs Index of PPI tracks changes in production costs, excluding labour. It shows how the cost of materials and other inputs evolves over time.
The Outputs Index of PPI tracks changes in the prices received by producers, reflecting movements in how much producers charge for goods through time.
Both the Inputs and Outputs Indexes are important, as they reveal how changes in production costs and producer prices may together signal future trends in overall inflation.
〔Q4 2025 Release〕CoreLogic HPI: -1.3%┃PropertyIQ HPI: -0.7%
House Price Index
HPI (House Price Index) measures the movement of house prices across local council areas throughout New Zealand. It provides an indicator of capital growth and illustrates how property prices are trending in each area. Changes in the HPI often correlate with inflation, as rising house prices contribute to higher living costs and influence the overall cost of housing within the consumer price basket. Thus, it provides signals for future inflationary pressures stemming from changes in the housing market.
CoreLogic HPI is the official nationwide and reliable measure used by the Reserve Bank of New Zealand, while PropertyIQ HPI, a commercial product, offers more timely insights and is useful for market trends and regional analysis but is not official.
Inflation Target: 2%
Japan
〔March 2026 Release〕CPI: 1.5%┃PPI: 2.6%
CPI and PPI
CPI (Consumer Price Index) measures average price changes of goods and services purchased by households nationwide, based on a fixed consumption pattern from the base period 2020. It reflects price changes only, not changes in living expenses due to shifts in the type, quality, or quantity of goods consumed by a household.
PPI (Producer Price Index) measures the average change in prices received by domestic producers for all goods produced in Japan across all industries. It shows overall price movements at the producer/wholesale level before products reach consumers. Rising producer prices can help anticipate future CPI trends because they often pass through to consumer prices.
Core Inflation Measures
〔March 2026 Release〕Core CPI: 1.8%┃Core-core CPI: 2.4%
Core CPI and Core-core CPI
Core CPI is measured as CPI for all items excluding fresh food. Fresh foods, whose prices fluctuate significantly with the weather, are excluded to reveal the underlying trend in prices of goods and services.
Core-core CPI is measured as CPI for all items excluding fresh food and energy. Energy prices are excluded to show the more persistent underlying trend in consumer prices. The removed energy categories include electricity, manufactured and piped gas, liquefied propane, kerosene and gasoline. Their prices often move substantially with overseas crude oil markets.
Inflation Target Range: 2% – 3%
〔March 2026 Release〕Headline CPI: 4.6%┃Underlying (Core) CPI: 3.3%
Australia
Media Mentions
