G10 Inflation Monitor: GS Trimmed Core Measures Edged Up m/m Ex-Japan
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Goldman Sachs' G10 inflation monitor for late August 2026 is organized around seven exhibits. On a month-over-month annualized basis, the bank's trimmed core inflation measure edged higher ex-Japan. In the US, the GS trimmed core gauge continues to show more pronounced disinflation than core PCE. The share of basket components rising at more than 8% annual rates has retreated in the US but remains elevated. In Canada, the share of items with rising year-over-year inflation ticked up. On a three-month annualized basis, core goods inflation accelerated in Japan and the euro area, while Canadian core services inflation accelerated sharply, partly reflecting a persistent World Cup boost. Most developed-market energy inflation continues to slow, whereas Japan food inflation accelerated notably. The pack closes with the full G10 inflation monitor table summarizing these gauges across the G10. Together the charts underscore divergent core dynamics across G10 economies: continued but uneven disinflation in the US, renewed goods-price pressure in Japan and the euro area, and services-led acceleration in Canada alongside broadly cooling energy prices.
Key exhibits
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Exhibit 5
Exhibit 6
Exhibit 7
