Build-a-CPI

Kenya 2023. The long-rains failed for a fifth season; maize and milk prices ran. Subsidised fuel was unwound by the new administration. KES weakened from 124 to 156 against USD across the year. Rent, by contrast, barely moved — most tenants are on annual leases priced in shillings.

US 2022. Reopening demand met supply-chain knots, then Russia invaded Ukraine and energy spiked. The Fed started hiking in March. Used-car prices — the 2021 story — began to roll over. Shelter, which lags by construction, kept climbing into year-end.

UK 2022. Ofgem's price cap rose 54% in April and another 27% in October. Food inflation reached double digits by autumn. Sterling weakened sharply during the mini-budget episode. Owner-occupier housing costs are weighted lighter in UK CPI than in US CPI.

Argentina 2023. Headline ended at 211% YoY. Subsidies on energy and transport were rolled back; the peso devalued sharply in August (post-PASO) and December (post-Milei election). Even sticky components like education ran in triple digits.