Global Data Pod: Inflation monitor: Energy boosts headline, while core pressures build

About this episode

The episode discusses the latest CPI reports and the impact of energy prices on global inflation.

Nora Szentivanyi is joined by Raphael Brun-Aguerre and Michael Hanson to discuss takeaways from the latest CPI reports and signals for the path ahead. Surging energy prices pushed global headline inflation up further to 3.4%oya in April, bringing the gain since February to 1%-pt. The three-month annualized headline CPI rate jumped to 6.0%––its strongest pace since 2022––with energy prices alone adding 4%ar. Core inflation has remained sticky around 3% but we see growing risks of a break higher amid a mix of goods sector cost pressures, tightening labor markets, and firm pricing power. The signals on services inflation are mixed, with surveys suggesting a sharp loss in demand growth alongside a jump in prices. This podcast was recorded on May 28, 2026. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5313158-0 https://www.jpmm.com/research/content/GPS-5308513-0 https://www.jpmm.com/research/content/GPS-5309828-0 https://www.jpmm.com/research/content/GPS-5300334-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan…

People in this episode

Host: Nora Szentivanyi

Guests: Raphael Brun-Aguerre, Michael Hanson

Topics covered

• inflation
• CPI reports
• energy prices
• core inflation
• labor markets
• pricing power

Keywords

• inflation
• CPI
• energy prices
• core inflation
• labor markets
• pricing power
• global economy

Mentioned in this episode

Organizations: J.P. Morgan

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