Inflationary pressures appear to be slowly edging higher around the world.

Except in Australia.

This chart explains why.

It’s Deutsche Bank’s “Inflation Sensation” heat map, a monitor that uses more than 150 price readings covering consumer and producer prices, inflation surveys and wages to determine what’s happening with price pressures compared to historic norms.

Put simply, blue indicates lower inflation outcomes while red points to higher inflation outcomes.

As George Saravelos and Rohini Grover of Deutsche Bank note, price pressures appear to be heating up almost everywhere bar Australia.

“After a two year period of inflation ‘blues’, we are finally seeing broad-based inflation greenshoots,” they say.

“Significant progress has been made in generating inflation in recent months… [with] the most notable upward price pressures in the US, UK, Sweden, Switzerland and Japan.

“Australia is the only economy showing very little sign of inflation pressure. Only producer prices have tentatively picked up, but consumer inflation, wages and inflation expectations all remain weak.”

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