The era of slowing global inflation looks to be over.
Three years of worldwide disinflation is ending, in the eyes of economists at JPMorgan Chase & Co. Their estimates show global consumer prices accelerated 2.65 percent in May.
That’s the fastest pace since April 2012 and the level they’d targeted for the end of 2014. It marks a 0.6 percentage point jump since February, when the 2 percent rate was the lowest since November 2009.
It’s not just food and energy costs. Inflation excluding those more volatile measures was still 2.1 percent in May. The hunch at the biggest U.S. bank is that companies are regaining pricing power as manufacturing strengthens, said David Hensley, an international economist at JPMorgan in New York.
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