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• Date de création 13/06/2024
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In May 2024, the global economy moderated. Global (headline) inflation has fallen sharply, and most core inflation measures (excluding food and energy) declined further in May, confirming the scenario of a gradual easing of price pressures. This downward trend in inflation is expected to continue in the coming months as labour costs moderate and the effects of past energy shocks and supply side bottlenecks ease. Overall, the risks to economic growth and inflation remain tilted to the downside. Growth could be weaker if the effects of monetary policy and the prolongation of the wars in Ukraine and the Middle East prove more pronounced than anticipated.

Regarding the commodity market, we noted an increase in the copper price, reflecting signals of a sustained global economic recovery. Indeed, the Chinese manufacturing PMI index remained virtually unchanged, rising modestly from 50.4 in April 2024 to 50.5 in May 2024. Values above 50 points indicate an increase in industrial and manufacturing activity in China. In contrast, cobalt prices have shown a slight downward trend in May 2024...