The U.S. and China both have the highest inflation rate in 30 years and are spreading to all items due to a surge in housing prices, and the prospect of a prolonged period is continuing. The index (PPI) rose 13.5% from the previous year, the highest since 26 years.
China's consumer price index (CPI) rose 1.5% year-on-year in October, more than double the rate of increase from 0.7% in September.
The National Bureau of Statistics of China officially announced on the 10th that the producer price index for October was the highest in 26 years due to fuel shortages and rising raw material prices. The market forecast for a rise in CPI was 1.4%.
The US PPI rose 8.6% from the same month of the previous year, the highest since 2010, according to the Ministry of Labor on the 9th.
The U.S. consumer price index (CPI) reached 6.2% in October, the highest in 31 years, and JP Morgan Chase chief economist told Bloomberg on the 10th that "the November CPI is expected to reach 6.8% year-on-year".
The Wall Street Journal's estimate for October was 5.9%, and the 6.2% gain is the highest in 31 years since 6.3% in December 1990, right after the financial crisis.
The US media diagnosed that housing costs, which accounted for more than a third of the total CPI, surged 0.5% in one month due to the surge in housing prices, and service prices also rose 0.6%, which was the main cause of inflation.
The sharp rise in U.S. home prices is the S&P Case-Shiller Index, which has risen 19.8% year-on-year since August.
Amid the surge in residential areas and energy, the price increase centered on specific items began to spread beyond services to all items.
Korea's Consumer Price Index (2015 = 100) was 108.9 in October, up from 108.8 in the previous month, and a continuous increase since July (107.6), an increase of 3.2% compared to the same period of the previous year.
The producer price index rose to 111.1 in September, and the import price index (114.18) and import price index (124.58) led the rise in import prices, which is in the 120s for three consecutive months. and the housing jeonse price index also rose to 101.8 from the previous month.
The GDP deflator including inflation rose from 104.53 in the fourth quarter of last year to 106.21 in the first quarter of this year and 107.08 in the second quarter of this year.
“The unprecedented supply bottleneck appeared on the 11th, limiting production activities and expanding inflation,” said Lee Ju-yeol, governor of the Bank of Korea, at an economic trend meeting on the 11th.