How does the current inflation rate compare across major economies (US, EU, UK, Japan)?
Executive summary
US inflation has eased from its 2023 highs but exact current CPI figures for the US are not in the provided sources; Euro‑area inflation was about 2.2% in November 2025 (flash estimate) and the UK’s CPI was 3.6% in October 2025 while Japan’s headline CPI is near 3.0–3.0% with core roughly 2.9–3.0% in autumn 2025 (Eurostat; House of Commons; TradingEconomics) [1] [2] [3].
1. Bigger picture: advanced economies have moved from crisis highs to mid‑single digits or below
The broad narrative across official agencies and market commentators is that headline inflation has fallen sharply from the double‑digit and high single‑digit peaks of 2022–2023 and mostly sits in the low single digits or high twos by late 2025. Eurostat’s flash estimate put the euro area at 2.2% in November 2025, up slightly from 2.1% in October [4] [1]. The UK’s Office for National Statistics data compiled by the House of Commons research briefing shows UK inflation at 3.6% in October 2025, down from 3.8% in September [2]. Japan’s CPI had risen to roughly 3.0% in October/November 2025 with core inflation also around 2.9–3.0% [3]. Available sources do not mention a specific current US headline CPI number in the provided search results.
2. Eurozone: close to ECB target but uneven inside the bloc
The euro‑area flash HICP of 2.2% for November 2025 signals aggregate success in returning inflation close to the European Central Bank’s 2% target, but the headline masks large national variation: Germany was running hotter (around 2.6%) while France and Italy were well below at 0.8% and 1.1% respectively, according to TradingEconomics’ report on the euro area release [1]. Eurostat’s pre‑announcement stressed methodological changes coming in 2026, highlighting that comparisons and measurement choices matter when judging whether “inflation is back to target” [4].
3. United Kingdom: cooling but still above ECB target
The House of Commons briefing reports UK inflation at 3.6% in October 2025, down from 3.8% in September and sharply below the very high rates seen in 2022 but still above two‑percent policy goals many central banks cite [2]. The briefing underscores that Britain’s path mirrors other advanced economies: progress toward disinflation, but with persistent services and domestic pressures that keep the headline higher than the euro area’s flash estimate [2].
4. Japan: deflationary era clearly over, but staple prices and subsidies distort the picture
Japan’s headline CPI rose to about 3.0% in October/November 2025, with core inflation reported at about 2.9–3.0% and monthly CPI gains of around 0.4% in recent months [3]. TradingEconomics highlights that electricity and communications price moves (including the expiry of government subsidies) and a still‑elevated food index are major drivers, meaning part of Japan’s recent inflation is policy‑timed and category‑specific rather than broad‑based wage‑driven pressure [3].
5. United States: reporting gaps in these sources but consensus sees moderating inflation
The provided material includes commentary (AXA IM) noting that US inflation has eased and helped markets anticipate Fed rate cuts, but the specific US CPI number is not present in the supplied search results [5]. AXA’s market note says softer US inflation raised hopes of rate reductions and that markets were pricing easing in the coming months, illustrating the dominant view that US inflation moved materially lower from 2022–2023 peaks [5]. Available sources do not mention the exact current US CPI figure.
6. Data caveats, measurement differences and what to watch next
Comparing “inflation” across the US, euro area, UK and Japan requires attention to differing indices (US CPI vs euro‑area HICP vs national CPIs), core vs headline measures, and one‑off policy effects (Japan’s expired subsidies) all highlighted in the sources [3] [1] [4]. The OECD and IMF datasets and data aggregators (TradingEconomics/Statista) are referenced across reporting and stress that month‑to‑month changes can exceed 0.2 percentage points and that methodological changes (e.g., HICP revisions) influence comparability [6] [7] [8]. Analysts (AXA IM) caution that while headline inflation is lower, risks from fiscal tailwinds, energy price volatility and sticky services inflation mean disinflation could stall [5] [9].
7. Bottom line — relative standing as of late 2025
Based on the available sources: the euro area sits near ~2.2% (flash Nov 2025), the UK is higher at ~3.6% (Oct 2025), Japan’s headline/core are around ~3.0/2.9% (Oct–Nov 2025), and the US is described as “easing” in market commentary though a specific contemporaneous CPI value is not included in the supplied links [4] [2] [3] [5]. Each jurisdiction’s trajectory is influenced by different drivers — energy and services in Europe, domestic pressures in the UK, policy timing in Japan, and a still‑cooling but not explicitly quantified US picture — so direct numerical ranking must note those measurement and composition caveats [1] [3] [5].
Limitations: this synthesis uses only the documents you supplied; I do not claim to report any US CPI number because it is not in those sources (available sources do not mention the US CPI value).