G-20 inflation measure paves way for co-ordinating policy

John Taylor has argued for closer co-operation on monetary policy

The G-20 group of major economies has unveiled a new aggregate consumer prices index (CPI) for its member countries, as part of efforts to fill "data gaps" identified after the global financial crisis.

The first release of the statistic was made yesterday, showing that inflation across the G-20 slowed from 3.2% in July to 3% in August. From now on the rate will be published on a monthly basis.

The G-20 CPI is calculated as a weighted average of year-on-year CPI rates for the 15 non-European

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