Inflation remains high at 5.5%, up sharply from the previous month. This situation is still the major concern of central bankers at the start of the year, and probably for the months to come.

In December, inflation in the United States reached its highest level since 1982, at 7%. Excluding the most volatile items, such as energy and food, inflation remains high at 5.5%, up sharply from the previous month. This price increase is found in all the main expenditure items (automotive, food, real estate, etc.) and is therefore not limited to energy, contrary to what was said a few months ago. The consumer price index is even anticipated at 8% in the coming months. During his hearing before the US Senate, Fed Chairman Jerome Powell reaffirmed that all the tools are on the table to fight inflation; in particular to begin the phase of reducing the balance sheet of the central bank this year; which would reduce the influx of new liquidity into the economy and therefore any inflationary pressures.

British inflation is expected at a high level, at 5.1% over one year, which will further strengthen expectations of a further increase in the key rate by the Bank of England (after the first increase in early December). In the euro zone, final inflation should be in line with the first estimate, at 5% over one year. The foreign exchange market should react little. For the moment, the European Central Bank refuses to consider that the inflationary pressures are lasting.