**As seen in Macro Walk report 02/18/23, subscribe at cablefxmacro.co.uk/reports
We have recently seen consumer price updates from Canada, Norway and Sweden. January CPI leaves Sweden at the top of the G10 overshoot vs central bank target, headline prices now tick at 11.7% Y/y
While the Swedish CPI records a slowdown from the prior, it is still 9.7 percentage points above the Riksbank's target. The median forecast compiled by Bloomberg shows economists' projections at 6.5% for 2023
Following closely, the euro area is expected to see prices rising by 5.5% this year, this would be 3.5 percentage points above the ECB's target
Another interesting development is the fact that the U.S. and Japanese inflation overshoots are now closer in a relative ranking when compared to last year. However, the Fed has tightened monetary policy while the BoJ is still to be heard of
The median forecast does not see Japanese headline inflation slowing down by this year, as economists pencil a 2.1% in 2023.
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