Production of COVID vaccines is rapidly growing and expanding with more vaccine candidates in the pipeline. Vaccinations are administered in increasingly higher numbers with countries like the United Kingdom and United States among those with the highest vaccination rates so far. As restrictions are gradually  being loosened, the economic recovery is all but certain to take shape throughout the remainder of 2021 and to get into full swing in 2022.

The long anticipated jump in inflation has become a reality. On May 12 the US Bureau of Labor Statistics announced that core inflation jumped by 0,9% in April, well above the anticipated 0,3% and the biggest monthly increase in nearly 40 years. Year over year, core inflation nearly doubled from 1,6% to 3,0%, also well above the anticipated 2,3% and at the highest level in 25 years. Core inflation excludes food and energy because their prices are much more volatile. A similar picture is developing around the world with the year-over-year consumer price index in the Eurozone growing from -0,3% in December 2020 to 1,6% in April and 2,0% in May.