Here's What Inflation Looks Like Around The World

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The latest U.S. consumer price index (CPI) report just came out and showed that inflation is cooling off, thanks to lower energy prices.However, inflation rates differ around the world for various reasons.

Morgan Stanley regularly compiles all of its forecasts on inflation and monetary policy for the world’s major most important economies in its The Global Monetary Analyst report.

We pulled the key highlights including each country’s official targets and Morgan Stanley’s forecasts.

Argentina

Inflation target:
15.5-24.2%

Last month's inflation rate:
9.8%

Morgan's 12m forecast rate:
10.3%

Source: Morgan Stanley

Australia

Inflation target:
2-3%

Last month's inflation rate:
1.6%

Morgan's 12m forecast rate:
2.7%

Source: Morgan Stanley

Brazil

Inflation target:
4.5% +/-2.0%

Last month's inflation rate:
5.0%

Morgan's 12m forecast rate:
5.7%

Source: Morgan Stanley

Canada

Inflation target:
1-3%

Last month's inflation rate:
1.9%

Morgan's 12m forecast rate:
1.7%

Source: Morgan Stanley

Chile

Inflation target:
3% +/-1%

Last month's inflation rate:
3.1%

Morgan's 12m forecast rate:
3.2%

Source: Morgan Stanley

China

Inflation target:
N/A

Last month's inflation rate:
3.0%

Morgan's 12m forecast rate:
3.2%

Source: Morgan Stanley

Colombia

Inflation target:
3% +/-1%

Last month's inflation rate:
3.4%

Morgan's 12m forecast rate:
3.6%

Source: Morgan Stanley

Czech Republic

Inflation target:
2.0% +/-1%

Last month's inflation rate:
3.2%

Morgan's 12m forecast rate:
1.7%

Source: Morgan Stanley

Hong Kong

Inflation target:
N/A

Last month's inflation rate:
4.7%

Morgan's 12m forecast rate:
4.5%

Source: Morgan Stanley

Hungary

Inflation target:
3.0%

Last month's inflation rate:
5.3%

Morgan's 12m forecast rate:
3.6%

Source: Morgan Stanley

India

Inflation target:
N/A

Last month's inflation rate:
7.2%

Morgan's 12m forecast rate:
7.1%

Source: Morgan Stanley

Indonesia

Inflation target:
5% +/- 1.0%

Last month's inflation rate:
4.5%

Morgan's 12m forecast rate:
5.1%

Source: Morgan Stanley

Israel

Inflation target:
1-3%

Last month's inflation rate:
2.1%

Morgan's 12m forecast rate:
2.1%

Source: Morgan Stanley

Japan

Inflation target:
0-2%

Last month's inflation rate:
0.2%

Morgan's 12m forecast rate:
-0.2%

Source: Morgan Stanley

Malaysia

Inflation target:
2.0%

Last month's inflation rate:
1.9%

Morgan's 12m forecast rate:
3.2%

Source: Morgan Stanley

Mexico

Inflation target:
3% +/-1%

Last month's inflation rate:
3.9%

Morgan's 12m forecast rate:

3.5%

Source: Morgan Stanley

New Zealand

Inflation target:
1-3%

Last month's inflation rate:
1.6%

Morgan's 12m forecast rate:
N/A

Source: Morgan Stanley

Nigeria

Inflation target:
N/A

Last month's inflation rate:
12.8%

Morgan's 12m forecast rate:
11.3%

Source: Morgan Stanley

Norway

Inflation target:
2.5%

Last month's inflation rate:
0.3%

Morgan's 12m forecast rate:
N/A

Source: Morgan Stanley

Peru

Inflation target:
2% +/-1%

Last month's inflation rate:
4.1%

Morgan's 12m forecast rate:
3.8%

Source: Morgan Stanley

Poland

Inflation target:
2.5% (+/-1%)

Last month's inflation rate:
3.6%

Morgan's 12m forecast rate:
2.8%

Source: Morgan Stanley

Romania

Inflation target:
3.0% (+/-1%)

Last month's inflation rate:
1.8%

Morgan's 12m forecast rate:
3.6%

Source: Morgan Stanley

Russia

Inflation target:
3.0% (+/-1%)

Last month's inflation rate:
3.6%

Morgan's 12m forecast rate:
6.5%

Source: Morgan Stanley

South Africa

Inflation target:
3-6%

Last month's inflation rate:
6.1%

Morgan's 12m forecast rate:
5.4%

Source: Morgan Stanley

South Korea

Inflation target:
2-4%

Last month's inflation rate:
2.5%

Morgan's 12m forecast rate:
2.7%

Source: Morgan Stanley

Sweden

Inflation target:
2.0%

Last month's inflation rate:
1.3%

Morgan's 12m forecast rate:
2.2%

Source: Morgan Stanley

Switzerland

Inflation target:
< 2%

Last month's inflation rate:
1.3%

Morgan's 12m forecast rate:
N/A

Source: Morgan Stanley

Taiwan

Inflation target:
N/A

Last month's inflation rate:

1.7%

Morgan's 12m forecast rate:

1.0%

Source: Morgan Stanley

Thailand

Inflation target:
0.5-3.0%

Last month's inflation rate:
2.5%

Morgan's 12m forecast rate:
3.3%

Source: Morgan Stanley

Turkey

Inflation target:
5% CPI

Last month's inflation rate:
8.3%

Morgan's 12m forecast rate:
6.1%

Source: Morgan Stanley

United Kingdom

Inflation target:
2%

Last month's inflation rate:
3.0%

Morgan's 12m forecast rate:
2.1%

Source: Morgan Stanley

United States

Inflation target:
2.0%

Last month's inflation rate:
1.9%

Morgan's 12m forecast rate:
2.0%

Source: Morgan Stanley

Euro Area

Inflation target:
<2%

Last month's inflation rate:
2.4%

Morgan's 12m forecast rate:
2.1%

Source: Morgan Stanley

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