Economic calendar: the US CPI report is the key report of the week 📌

The financial markets are waking up to a new week in less-than-favourable moods, overwhelmed by last week’s macroeconomic data. However, investors’ attention will quickly shift to the next important publication, which is the US inflation report on Wednesday.

Analysts’ expectations point to an increase in price pressures. December’s headline inflation was expected to be between 2.8–2.9%, indicating an increase compared to November’s 2.7% year-on-year and marking the third consecutive month of increases following the September reading, when headline inflation stood at 2.4% year-on-year. Meanwhile, core inflation is expected to remain at 3.3% year-on-year for the fourth consecutive month.

The data is not the best news for investors, especially in an environment of rising inflation expectations for the next year and the next five years. Additionally, the over 13% rise in oil prices from local lows will also put pressure on inflation components in the coming months starting from January. December’s reading should not yet reflect higher energy prices.

Detailed agenda for the week:

January 13, Monday:

• All day - national holiday in Japan
• 00:00 GMT - China, trade balance for December
• 08:00 GMT - Czech Republic, CPI inflation for December

January 14, Tuesday:

• 13:00 GMT - US, PPI inflation for December
• 21:40 GMT - USA, API data on oil inventories 

January 15, Wednesday:

• (before the US session) - Q4 bank results 
• 07:00 GMT - UK, CPI and PPI report for December
• 09:00 GMT - Poland, CPI inflation for December
• 13:30 GMT - US, CPI report for December
• 15:30 GMT - US, DOE oil inventories report 

January 16, Thursday:

• (before the US session) - banks' results for Q4 
• 00:30 GMT - Australia, labor market data for December
• 07:00 GMT - Germany, CPI data for December
• 07:00 GMT - United Kingdom, GDP data for November
• 12:30 GMT - Eurozone, ECB minutes
• 13:30 GMT - US, retail sales for December
• 15:30 GMT - US, EIA data on gas inventories

January 17, Friday:

• 02:00 GMT - China, Q4 GDP data, retail sales for December
• 10:00 GMT - Eurozone, harmonic inflation for December
• 13:30 GMT - US, real estate market data for December