Economy.com Daily Update: February 11, 2022

Today's Economy

Fresh CPI data in Europe reinforce that price pressures are building globally.

What's happening to goods prices?

Why was it so easy to paralyze cross-border trade?

While the U.S. has a diplomatic boycott, China has embraced those who have attended.

Commentary

As inflation struggles continue, industrial production sees an uptick.

We expect U.K. consumer price inflation to speed up to 5.5% y/y in January from 5.4% in December.

Tougher pandemic measures signal materialising downside risk for 2022.

South Korea, Philippine presidential elections promise some economic implications.

Today's Economic Indicators

Germany
Consumer Price Index
Jan. 2022: 4.9% y/y
Germany’s consumer price index rose 0.3% m/m in January, pulling the headline figure up 4.9% on a year-over-year basis.

United Kingdom
GDP - Quarterly
2021Q4: 1.0% q/q
Despite the disruptions caused by Omicron in December, U.K.

Switzerland
Consumer Price Index
Jan. 2022: 1.6% y/y
Swiss inflation pressures held steady in January, as the headline consumer price index rose 1.6% y/y.

Taiwan (China)
Consumer Price Index
Jan. 2022: 2.8% y/y
Taiwan’s headline consumer price index rose 2.8% over the year in January, as inflation pressures increased across most goods categories.

Taiwan (China)
Foreign Trade
Jan. 2022: US$4.9 bil
Taiwan's trade surplus fell 20.6% over the year to hit US$4.9 billion in January.

United Kingdom
Monthly GDP
Dec. 2021: -0.2% m/m
U.K.

Russian Federation
Monetary Policy
Feb. 2022: 9.5%
The Central Bank of Russia increased the interest rate by 100 basis points to 9.5% at its meeting in February, in line with market expectations.

India
Industrial Production
Dec. 2021: 0.4% y/y
India's industrial production index continued to soften, dropping from 1.4% y/y in November to just 0.4% in December.

Mexico
Industrial Production
Dec. 2021: 3.0% y/y
Mexico's national industry ended the year on a positive note, though it continued to underperform.

Russian Federation
Foreign Trade
Dec. 2021: US$26.7 bil
Russia’s foreign trade performance improved further at the end of the year.

Peru
Monetary Policy
Feb. 2022: 3.5%
The monetary policy committee of the Central Reserve Bank of Peru raised the policy rate 50 basis points in its February meeting, bringing the benchmark rate to 3.5%.

United States
Moody’s Analytics & CNN Business Back-to-Normal Index
February 09: 89.4
The Moody’s Analytics & CNN Business Back-to-Normal Index fell 0.5 point this week, from a revised 89.9 to 89.4.

United States
University of Michigan Consumer Sentiment Survey
Feb. 2022: 61.7
U.S. consumer confidence unexpectedly took a big step back in February to yet another cyclical low despite declining COVID-19 infections and some improvement in the stock market, according to the preliminary report from the University of Michigan.

World
Moody's Analytics Global CPI
Jan. 2022: 3.0% m/m
The Moody’s Analytics estimate of worldwide consumer price inflation picked up to 13.5% y/y in January from 10.8% in December.

United States
Cox Automotive/Moody’s Analytics Vehicle Affordability Index
Jan. 2022:

Uruguay
Industrial Production
Dec. 2021: 11.3% y/y
In line with our expectations, Uruguay’s industrial production increased by 11.3% in yearly terms in December 2021.