When pandemic inflation took off last year, it was seen as more likely to stick around in the US -- where stimulus was much bigger and consumer demand stronger -- than in Europe. But the energy crisis has upended that picture.
Euro-area price increases have now outpaced the US for two straight months. The gap likely widened in September, when Europe-wide inflation hit 10% while in Germany it accelerated to 10.9%. US numbers aren’t due out for another 10 days.