Inflation is finally turning globally across all major subsectors, according to UBS, which compiled data from 35 countries.
Analysts at the bank say that this is most true for energy and goods price inflation, but there are trends in services as well.
The broker notes how energy price inflation has fallen back to zero globally, while goods price inflation dropped from 6.3% in June to 4.8% in December, albeit bouncing back slightly in January.
“The turn in global services inflation is a bit more tentative but actually mirrors the turn in goods once one strips out the housing component,” the broker said.
However, the broker notes that with all that being said, the trimmed mean for goods has only been reversed 20%, 22% in core inflation, but 63% in global headline inflation.
UK Consumer Price Index Inflation (CPI) fell to 10.1% in January from 10.5% in December, the third consecutive month it has fallen.