{"id":14888,"date":"2017-03-03T15:47:10","date_gmt":"2017-03-03T20:47:10","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=14888"},"modified":"2017-03-03T15:47:10","modified_gmt":"2017-03-03T20:47:10","slug":"the-key-component-driving-inflation","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/03\/the-key-component-driving-inflation\/","title":{"rendered":"The key component driving inflation"},"content":{"rendered":"<p>Two interesting graphs on inflation from Niels Jensen at Absolute Return Partners:<\/p>\n<blockquote><p>&#8230;.similarities between the story unfolding in the UK and the one in the US. Core inflation in both countries is significantly higher than it is in the Eurozone \u2013 just above 2% in the US and just below 2% in the UK whereas, in the Eurozone, it is only 0.9%. Furthermore, services are very much the engine that drives core inflation in both the UK and the US (exhibit 6).<\/p>\n<p><a href=\"https:\/\/www.arpinvestments.com\/arl\/a-note-on-inflation-is-it-here-or-isnt-it\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"alignnone size-full\" src=\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2017\/03\/58b94aa27278c28e0e97a270_exhibit206.jpg?w=525&#038;ssl=1\" alt=\"\" \/><\/a><\/p>\n<p>Exhibit 6: The drivers of core inflation (US only)Source: The Daily Shot, BEA, Bureau of Labor Statistics, Haver Analytics, February 2017. Data as of December 2016<\/p>\n<p>To a very significant degree that is down to rising medical care costs (exhibit 7). As the populace ages, this can only get worse \u2013 at least in the US, where almost all healthcare is provided privately and paid for by insurance companies.<\/p>\n<p><a href=\"https:\/\/www.arpinvestments.com\/arl\/a-note-on-inflation-is-it-here-or-isnt-it\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"alignnone size-full\" src=\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2017\/03\/58b94adfd1a2d9253b971644_exhibit207.jpg?w=525&#038;ssl=1\" alt=\"\" \/><\/a><\/p>\n<p>Exhibit 7: US personal consumption expenditures by component (%)<br \/>\nSource: The Daily Shot, BEA, Haver Analytics, February 2017<\/p><\/blockquote>\n<p>Source: <a href=\"https:\/\/www.arpinvestments.com\/arl\/a-note-on-inflation-is-it-here-or-isnt-it\">A Note on Inflation: Is it here or isn\u2019t it? \u2013 The Absolute Return Letter<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two interesting graphs on inflation from Niels Jensen at Absolute Return Partners: &#8230;.similarities between the story unfolding in the UK and the one in the US. Core inflation in both countries is significantly higher than it is in the Eurozone \u2013 just above 2% in the US and just below 2% in the UK whereas, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/03\/the-key-component-driving-inflation\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The key component driving inflation&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13,33,34],"tags":[],"class_list":["post-14888","post","type-post","status-publish","format-standard","hentry","category-inflation-economy","category-uk-europe-countries-regions","category-us-canada-countries-regions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The key component driving inflation - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The key component driving inflation - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Two interesting graphs on inflation from Niels Jensen at Absolute Return Partners: &#8230;.similarities between the story unfolding in the UK and the one in the US. Core inflation in both countries is significantly higher than it is in the Eurozone \u2013 just above 2% in the US and just below 2% in the UK whereas, &hellip; Continue reading &quot;The key component driving inflation&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/03\/the-key-component-driving-inflation\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-03T20:47:10+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/thepatientinvestor.com\/wp-content\/uploads\/2017\/03\/58b94aa27278c28e0e97a270_exhibit206.jpg\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/03\\\/03\\\/the-key-component-driving-inflation\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/03\\\/03\\\/the-key-component-driving-inflation\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"The key component driving inflation\",\"datePublished\":\"2017-03-03T20:47:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/03\\\/03\\\/the-key-component-driving-inflation\\\/\"},\"wordCount\":178,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2017\\\/03\\\/03\\\/the-key-component-driving-inflation\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2017\\\/03\\\/58b94aa27278c28e0e97a270_exhibit206.jpg\",\"articleSection\":[\"Inflation\",\"UK &amp; 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This is far below expectations and leaves monetary union with a diminishing safety buffer. \u201cThe eurozone is tracking the experience in Japan in mid-1990s. There is a very high\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":39916,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/12\/24\/core-pce-inflation-paul-volcker-and-the-copper-price\/","url_meta":{"origin":14888,"position":1},"title":"Core PCE Inflation, Paul Volcker and the Copper price","author":"Colin Twiggs","date":"December 24, 2022","format":false,"excerpt":"The Fed's favorite measure of underlying inflation, Core PCE inflation (personal consumption expenditures excluding food & energy), eased slightly to 4.7% for the 12 months to November. Monthly growth fell close to the Fed's target -- registering a meager 0.17% (2.04% annualized) for November. But monthly measures can be volatile,\u2026","rel":"","context":"In &quot;Inflation&quot;","block_context":{"text":"Inflation","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/inflation-economy\/"},"img":{"alt_text":"Core PCE Inflation - Annual","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-12-23-corepce.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-12-23-corepce.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-12-23-corepce.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":62781,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/10\/18\/lax-fiscal-policy-is-the-root-cause-of-inflation\/","url_meta":{"origin":14888,"position":2},"title":"Lax Fiscal Policy is the Root Cause of Inflation","author":"Colin Twiggs","date":"October 18, 2025","format":false,"excerpt":"Key Points A recent Bank of England study highlights the importance of responsible fiscal policy in controlling inflation. A recent paper from Michael Bordo, Oliver Bush, and Ryland Thomas at the Bank of England argues that loose fiscal policy is the root cause of inflation rather than lax monetary policy.\u2026","rel":"","context":"In &quot;Deficit Spending &amp; Employment&quot;","block_context":{"text":"Deficit Spending &amp; Employment","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/deficit-spending-employment\/"},"img":{"alt_text":"UK Inflation Spike in the 1970s","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-10-17-uk-inflation2.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-10-17-uk-inflation2.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-10-17-uk-inflation2.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-10-17-uk-inflation2.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":25287,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/04\/15\/what-assets-perform-best-with-inflation\/","url_meta":{"origin":14888,"position":3},"title":"What assets perform best when inflation is high?","author":"Colin Twiggs","date":"April 15, 2021","format":false,"excerpt":"Interesting chart from Gerard Minack of Minack Advisers: The Best Strategies report focusses on when inflation is rising and ultimately peaks at over 5%. For the US there are 8 episodes over the past century \u2013 which account for 19% of the period \u2013 that satisfy that criteria..... Exhibit 4\u2026","rel":"","context":"In \"asset allocation\"","block_context":{"text":"asset allocation","link":"https:\/\/thepatientinvestor.com\/index.php\/tag\/asset-allocation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43230,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/07\/29\/core-pce-confirms-inflation-falling\/","url_meta":{"origin":14888,"position":4},"title":"Core PCE confirms inflation falling","author":"Colin Twiggs","date":"July 29, 2023","format":false,"excerpt":"Core PCE inflation declined to a low 0.165% for the month of June -- an annualized rate equal to the Fed's target of 2.0%. Trimmed mean PCE inflation for the six months to June declined to an annualized rate of 4.1%. July is likely to fall further when high January\u2026","rel":"","context":"In &quot;Crude Oil &amp; Natural Gas&quot;","block_context":{"text":"Crude Oil &amp; Natural Gas","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/gold-commodities\/crude-oil-natural-gas\/"},"img":{"alt_text":"Core PCE Inflation","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-07-28-core-pce.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-07-28-core-pce.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-07-28-core-pce.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":11624,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/03\/11\/deflation-in-australia\/","url_meta":{"origin":14888,"position":5},"title":"Deflation in Australia?","author":"ColinTwiggs","date":"March 11, 2015","format":false,"excerpt":"The Eurozone experienced negative CPI growth over December\/January. Australia shows consumer price growth declining at the end of 2014. The next CPI update (Q1 2015), at end of April, is likely to reflect further slowing. Declining inflation expectations reported by Westpac (in the 0 to 5% range) tend to support\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"CPI EU","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/cpi-eu.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/cpi-eu.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/cpi-eu.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/14888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=14888"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/14888\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=14888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=14888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=14888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}