Core Insights - The consumer price index (CPI) in Estonia increased by 3.7% year-on-year in January 2026, with a month-on-month rise of 1% [1] Category Summaries - Health-related prices saw a significant year-on-year increase of 11.7% [1] - The index for alcoholic beverages and tobacco rose by 6.2% year-on-year [1] - Food and beverage prices increased by 6% year-on-year [1] - Accommodation and restaurant prices went up by 5.1% year-on-year [1] - Clothing and footwear prices experienced a decline of 4.9% year-on-year [1] - Transportation prices decreased by 1.5% year-on-year [1]

Core Viewpoint - The President of the Chicago Federal Reserve, Austan Goolsbee, indicated that further interest rate cuts could be possible if inflation shows signs of continued decline [1][2]. Group 1: Inflation and Interest Rates - Goolsbee expressed caution regarding the recent Consumer Price Index report, which showed an overall inflation rate decrease to 2.4%, and remains skeptical about the sustainability of this price slowdown trend [1]. - He emphasized the need to observe the long-term effects of tariff measures on inflation [1]. - Goolsbee stated that if the current inflation trend proves to be temporary and the path back to a 2% inflation rate is demonstrated, he believes more rate cuts could occur in 2026 [2]. Group 2: Voting Rights and Future Outlook - Goolsbee does not have voting rights in the Federal Open Market Committee for this year but will gain voting rights in 2027 [2].

Core Viewpoint - Brazil's inflation rate for the past 12 months reached 4.44% as of the end of January, an increase from the previous period's 4.26% [1] Inflation Data - The nationwide broad consumer price index (IPCA) in January rose by 0.33%, primarily driven by increases in fuel and transportation prices [1] - Food and beverage price increases have slowed down, while prices for housing and clothing have decreased [1] Fuel Price Impact - The head of IBGE's inflation indicators, Fernando Gonalves, noted that fuel prices dropped by approximately 5.20% at the end of January, but the full impact of this decrease was not reflected in January's data, with expectations for a more significant effect in February [1] Future Projections - The inflation rate for Brazil in 2025 is projected to be 4.26%, marking the lowest level since 2018 [1]

Group 1 - The core viewpoint is that Thailand has been experiencing deflation for ten consecutive months, with the consumer price index at 99.91 in January 2026, reflecting a year-on-year decrease of 0.66% [1] - The decline in inflation is primarily attributed to falling energy prices, which align with global energy market trends [1] - Although prices for food and non-alcoholic beverages have increased, the impact of other goods and services on overall inflation remains limited [1] Group 2 - As of December 2025, Thailand's overall inflation rate was reported at -0.28% [2] - The Ministry of Commerce maintains its inflation forecast for 2026 at a range of 0.0% to 1.0% [2] - The projected inflation rates for 2026 are expected to average -0.43% in Q1, rise to approximately 0.34% in Q2, increase to 0.90% in Q3, and further to 1.15% in Q4 [2]

Core Viewpoint - Thailand's inflation rate has remained in negative territory for the tenth consecutive month due to declining global oil prices and government cost-of-living subsidies, marking the longest period of price decline since the pandemic [1] Inflation Data - In January, the Consumer Price Index (CPI) decreased by 0.66% year-on-year, surpassing economists' average forecast [1] - Month-on-month, prices fell by 0.28%, also below market expectations [1] - The core inflation rate, excluding volatile energy and fresh food prices, rose by 0.6% year-on-year, aligning with previous predictions [1] Future Outlook - The Deputy Director of the Department of Trade Policy and Strategy, Natiya Suchinda, indicated that consumer prices are expected to continue easing in the first quarter due to low global oil prices and government subsidies on electricity and fuel [1] - It is anticipated that inflation will shift to "slight positive growth" in the second quarter [1] - The Ministry of Commerce maintains its overall inflation forecast for the year at between 0% and 1% [1]

Core Viewpoint - Bosnia's consumer price index (CPI) increased by 0.1% month-on-month and 4.1% year-on-year in December 2025, indicating ongoing inflationary pressures in the economy [1] Group 1: Month-on-Month Changes - Prices for food and non-alcoholic beverages rose by 0.2% [1] - Alcoholic beverages and tobacco prices increased by 0.3% [1] - Housing and utility costs went up by 0.7% [1] - Hotel and restaurant services saw a 0.4% increase [1] - Clothing and footwear prices decreased by 2% [1] - Transportation costs fell by 0.6% [1] Group 2: Year-on-Year Changes - Food and non-alcoholic beverages prices increased by 5.3% [1] - Alcoholic beverages and tobacco prices rose by 4.1% [1] - Housing and utility costs increased by 7.3% [1] - Hotel and restaurant services experienced a 7.8% rise [1] - Education costs went up by 3.1% [1] - Medical expenses increased by 4.7% [1] - Clothing and footwear prices saw a significant decline of 7.8% [1]

Core Viewpoint - The Consumer Price Index (CPI) in the U.S. rose by 2.7% year-on-year in December 2025, indicating persistent inflationary pressures in the economy [1] Group 1: Inflation Data - The CPI increased by 0.3% month-on-month in December 2025 [1] - The housing price index rose by 0.4% month-on-month and 3.2% year-on-year, contributing significantly to the overall price increase [1] - The food price index increased by 3.1% year-on-year, while energy prices rose by 2.3% year-on-year [1] - The core CPI, excluding volatile food and energy prices, increased by 2.6% year-on-year [1] Group 2: Economic Analysis - The Washington Post noted that December's inflation reflects a year marked by stubbornly high prices for essential goods [1] - Significant price increases were observed in housing, transportation, healthcare, and clothing [1] Group 3: Federal Reserve Actions - The Federal Reserve implemented three interest rate cuts in 2025, including one in December, but there is growing disagreement among officials regarding future rate cuts [1] - The Associated Press suggested that the inflation data from December indicates a slow release of previously high price pressures, potentially increasing the likelihood of further rate cuts in late 2026 [1]

Core Viewpoint - The U.S. Consumer Price Index (CPI) increased by 2.7% year-on-year in December 2025, matching the previous month's growth but exceeding market expectations of 2.6% [1] Group 1: Inflation Data - Food prices rose by 3.1% year-on-year in December 2025 [1] - Energy prices increased by 2.3% year-on-year in December 2025 [1] - The core CPI, excluding volatile food and energy prices, increased by 2.6% year-on-year, consistent with the previous month's growth [1] Group 2: Monthly Changes - The CPI increased by 0.3% month-on-month in December 2025, driven primarily by a 0.4% increase in the housing price index [1] Group 3: Federal Reserve Outlook - Analysts expect the Federal Reserve to maintain interest rates due to inflation remaining significantly above the 2% target level [1]

Core Viewpoint - The consumer price index (CPI) is projected to increase by 2.7% year-over-year in December according to Dow Jones consensus forecasts [1] Group 1 - The CPI increase indicates inflationary pressures in the economy [1] - The forecast reflects expectations for consumer spending and economic conditions [1] - The data is crucial for assessing monetary policy and potential interest rate adjustments [1]

Core Insights - The Consumer Price Index (CPI) in the United States for December increased by 2.7% year-on-year, matching the forecast and remaining unchanged from the previous value of 2.7% [1] Group 1 - The December CPI growth aligns with market expectations, indicating stability in inflation rates [1] - The year-on-year CPI growth rate has remained consistent at 2.7%, suggesting no significant inflationary pressures in the short term [1]