Inflation forms the backbone of this week's economic data releases, with updates on price rises in the US and eurozone – both published on Friday.
US inflation data has looked a little spineless in recent months and has caused some concerns for the Federal Reserve on its path to monetary policy normalisation.
In the eurozone, inflation is also running below target as the strong euro saps any price growth out of imported goods.
US personal consumption expenditures (PCE)
PCE, as often stated here, is the Fed's preferred measure of inflation and in July, the core PCE price index dropped to an annual rate of 1.4%, down from 1.5% in June.
The Fed said in its policy statement last week, as it held its main Fed funds rate at 1-1.25%, that it now expects inflation to remain below its 2% target until 2019.
The central bank sees core PCE peaking at 1.9% at the end of 2018, lowering its forecast from a previous 2% peak, before labour market tightness works its way through to wage increases, growth in consumer spending and thus higher prices.
Hitherto, the Fed has downplayed low inflation and is still expected to raise interest rates in December and three further hikes in 2018.
Analysts expect core PCE for August, published on Friday, to remain at 1.4%.
Eurozone consumer price index (CPI)
Likewise, eurozone inflation has remained stubbornly low but, unlike the US, it has a strong currency protecting it against import prices.
In August, the annual rate of CPI rose to 1.5% from 1.3% in the prior month as fuel prices applied the most upward pressure.
With oil prices up a further 7% since the August inflation data, it's highly likely the preliminary September reading, published on Friday, will have either risen or, at least, stayed put.
All other anecdotal evidence points to higher prices, also. Purchasing manager index data last week all came in above forecasts, consumer confidence hit a 16-year high and wages are increasing.
"This rounds out a run of data that provide evidence of building pipeline inflation pressures," says Bert Colijn at ING.
UK consumer credit and net lending to individuals
Although UK unemployment is at its lowest level in decades, fears of Brexit-related and other domestic political uncertainties have kept a lid on wage growth as employers remain thrifty in the face of these risks.
Given this squeeze on household finances, rises in retail sales have come at the expense of consumer credit growth and other forms of personal lending.