US inflation is not currently distorted by base effects of commodity prices, as opposed to euro-zone inflation

A calculat ion of the base effects resulting from changes in commodity prices (energy, food, metals, etc.) that affect inflation measured between November 2022 and November 2023 shows that they are: Very limited in the United States (reducing year-on-year headline inflation in November 2023 by 0.3 percentage point); Very significant in the euro zone (reducing year-on-year headline inflation in November 2023 by 2. 1 percentage points). This shows that disinflation is strong in the United States and weak in the euro zone, which is consistent with the trend in unit labour costs and inconsistent with interest rate expectations in financial markets.