But, concerningly, core services inflation is proving to be persistent. In six-month-annualised terms, it is still above 6 per cent in the United States and 5 per cent in the euro area (Graph 8).
6  R E S E R V E B A N K O F AU S T R A L I A  Graph 8  Core Services Inflation Six-month annualised %  United States  %  Euro area  6  6  3  3  0  2020  2023  2020  2023  0  Sources: BLS; RBA; Refinitiv.