Larger COVID-19 shock correlates with faster core price acceleration
Inflation | Covid cases per million | |
---|---|---|
Australia | 0.073821882 | 0.071036861 |
Austria | 1.015731419 | 0.662442023 |
Belgium | 1.285955391 | 0.540604731 |
Canada | 0.498668812 | 0.577095249 |
Chile | 0.970940577 | 2.583752671 |
Costa Rica | 1.199189101 | -1.402654846 |
Czechia | 1.809975697 | 4.348896972 |
Denmark | 0.741821974 | 0.88212241 |
Estonia | 1.620889462 | 2.64944556 |
Finland | 0.315031634 | 1.557015771 |
France | 1.183009625 | 0.412614452 |
Germany | 0.605278952 | 1.466058419 |
Greece | 0.792506242 | -0.353910082 |
Hungary | 0.998060265 | 1.882841689 |
Iceland | 0.439897774 | 1.719008685 |
Ireland | 0.98941134 | 3.263701861 |
Israel | 1.571640617 | 1.143418377 |
Italy | 0.869554881 | 0.443829567 |
Japan | 0.150224781 | -1.635369945 |
South Korea | 0.078850099 | 1.744774995 |
Latvia | 1.294983787 | -0.173717625 |
Lithuania | 1.678085686 | 2.275162798 |
Luxembourg | 1.414593074 | 0.082178042 |
Mexico | 0.321317823 | 0.73995682 |
Netherlands | 1.395392907 | -0.196001381 |
New Zealand | 0.014430577 | -0.29199599 |
Norway | 0.419615701 | -1.650428788 |
Poland | 0.881359884 | 2.668149375 |
Portugal | 1.179764618 | 0.60813465 |
Slovakia | 1.816032755 | 4.073971819 |
Slovenia | 1.782866311 | -0.257417907 |
Spain | 1.178545751 | 0.259089729 |
Sweden | 1.267630207 | 0.046702118 |
Switzerland | 1.106375252 | 0.308367894 |
Turkey | 1.04215497 | 1.996398562 |
United Kingdom | 1.473274995 | 1.473585766 |
United States | 1.523115172 | 2.481138698 |
Notes: Core inflation acceleration measured as the percentage change in core prices (excluding food and energy) between October 2021 and October 2020 minus the average change in year-over-year prices through 2019. This attempts to normalize core inflation relative to pre-COVID19 norms for these countries. Data on both cumulative COVID-19 cases per million and the acceleration in core inflation is transformed into an index with the average value of each equal to 1.
Source: Data on COVID-19 case rates from ourworldindata.org/covid-cases. Inflation data from the Organization for Economic Cooperation and Development (OECD).