Economic Events: January 12, 2022

In Asia/Pacific, the following are scheduled for release: Chinese CPI, Chinese PPI, Indian CPI, and Indian industrial production. In Europe, the Eurozone industrial production report is on tap. In North America, the US CPI report is due.

Eurozone industrial production is expected to have increased 0.5 percent on the month in November following October’s 1.1 percent gain.

The consensus forecast for Italy’s annual consumer inflation rate is 5.80 percent in December, accelerating further from 4.91 percent in November.

Among US data, the consumer price index is forecast to have risen 7.1 percent form a year earlier in December, with the pace of increase faster than a 39-year high of 6.8 percent in November amid broad-based gains including food and energy costs. The month-to-month rise is seen slowing to 0.4 percent in December from 0.8 percent previously. Excluding volatile food and energy items, the core CPI is expected to show an accelerate 5.4 percent increase on the year in December following a 30-year high of 4.9 percent gain in November while the month-over-month rise is seen steady at 0.5 percent.

Minneapolis Federal Reserve Bank President Neel Kashkari will speak on the economic outlook for 2022 before a virtual St. Paul Area Chamber Town Hall.

The US Treasury’s monthly data is forecast to show that the government had a $25 billion budget deficit in December 2021, compared to deficits of $191.3 billion in November and $143.6 billion in December 2020.

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