USA: COVID-19-sensitive components in the shopping cart boost inflation. Eurozone: Further setbacks cannot be ruled out. Switzerland: GDP already back to pre-crisis level.
Chart of the month
A debate is still raging over whether the rise in inflation is only temporary or heralds a return to supposed bygone times. The San Francisco branch of the US Federal Reserve System has calculated the price trend of goods and services in terms of their sensitivity to containment measures. It turns out that the contribution of the less-affected components to the core inflation rate is largely stable. Around three quarters of the current inflation rate can be attributed to COVID-19 sensitive components. There are many indications that the price increase is a one-off.
