Global retail spending rose markedly in November, exceeding 5% growth for the first time in the post-crisis period. Strong growth was both a reflection of permanent and transitory factors. About two-thirds of the overall increase reflected strong equilibrium consumption (+4.7% year-on-year). Positive demand shocks accounted for the remaining third, with the consumption gap rising three basis points to 0.6%. Rapid growth in demand, alongside rising inflation expectations, supported global CPI inflation, up 5.1% SAAR in November.

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