Global inflation dynamics GTM –UK | 11 Developed economy inflation Headline inflation and forecasts % change year on year % change year on year 5 4 US UK y Eurozone 4 Japan 3 Forecasts* 3 Average Jan 1993 to Dec 2008: 2.0% Policy target Global econom2 2 1 1 0 0 -1 Average Jan 2009 to Nov 2016: 1.2% -2 -1 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '13 '14 '15 '16 '17 '18 Source: (Left) Haver Analytics, J.P. Morgan Asset Management. (Right) BLS, Eurostat, J.P. Morgan Economic Research, Ministry of Internal Affairs and Communications, ONS, Thomson Reuters Datastream, J.P. Morgan Asset Management. *Inflation forecasts are from J.P. Morgan Economic Research. Guide to the Markets - UK. Data as of 31 December 2016. 11