G10 Inflation Monitor

The June 2026 G10 Inflation Monitor reports a mixed trend in core inflation, with increases in Japan, UK, US, and Canada and a deceleration in the Euro area. Despite broad energy price increases stemming from Middle East instability, inflation breadth indicators show cooling in the UK and Canada.

Key Takeaways

• 1.Trimmed core inflation measures ticked up in Japan, the UK, the US, and Canada, while decelerating in the Euro area.
• 2.Energy prices have surged across all G10 economies due to the conflict in the Middle East.
• 3.GS lowered 2026 headline inflation forecasts for the UK, Euro area, and US following the US-Iran agreement to reopen the Strait of Hormuz.

Table of Contents

• GS Trimmed Core Inflation
• Breadth of Inflation
• Category Trends
• Progress Relative to Peak Inflation and GS Forecasts
• GS Harmonized Core
• Appendix

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