Apart from Japan, price pressure indicators have rebounded in recent months while wage growth is currently higher than inflation in all the regions . In the United States, CPI inflation fell slightly, from 3.5% in year-on-year terms in March to 3.4% in April, while the core rate fell from 3.8% to 3.6%. Deflation in used vehicles contributed mainly to this decline. On the other hand, services inflation remained stable at 5.3%.
Energy deflation eased but remained strong and core inflation slowed significantly . However, the landing phase towards the 2% target will come up against sustained and slightly higher base wage growth in March at 6.2% . Moreover, tensions in the housing market are increasing. The actual rent index reached a new high in March, with a year-on-year increase of more than 7%, for the first time in 30 years. The owner-equivalent rent index follows a similar path but shows a lower increase .