The left chart shows the core CPI inflation across various economies. This measure of inflation removes items with volatile price movements, such as energy and food (commodities), which better reflects the fundamental level and stickiness of inflation. The right chart shows the wage growth across different markets. In the U.S. and Europe, where labor market conditions have been rather tight, wage growth has picked up robustly, which has further pushed up input prices. This had led to worries about a possible wage price spiral. In Asia, wage growth has been relatively subdued, which has partly contributed to a much more benign inflation environment.