About this episode

The episode discusses the dynamics of global inflation, focusing on core goods and services inflation trends.

Global headline inflation cooled in July but is set to reaccelerate in August as higher energy prices reverse the recent decline. Food inflation has remained remarkably subdued, though rising pipeline pressures suggest a gradual pickup into year-end. Core inflation remains sticky at 2.7%oya, but a rotation is taking hold, with easing services inflation increasingly offset by firmer goods price inflation. We expect this dynamic to keep global inflation close to 3% and reinforce the case for further central bank tightening. Against this backdrop, next week’s US CPI report will be closely watched ahead of this month’s FOMC decision. Speakers Nora Szentivanyi, Global Economist Abiel Reinhart, US Economist Raphael Brun-Aguerre, Euro Area Economist This podcast was recorded on Sept 3rd, 2026. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5421842-0 https://www.jpmm.com/research/content/GPS-5406573-0 https://www.jpmm.com/research/content/GPS-5432155-0 https://www.jpmm.com/research/content/GPS-5381881-0 for more information; please visit www.jpmm.com/research/disclosures for…

People in this episode

Guests: Nora Szentivanyi, Abiel Reinhart, Raphael Brun-Aguerre

Topics covered

• inflation
• core goods
• services inflation
• central bank
• US CPI report

Keywords

• inflation
• core goods
• services
• central bank
• CPI report
• energy prices
• food inflation

Mentioned in this episode

Organizations: J.P. Morgan

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