Headline inflation high or rising everywhere but Japan, % change - YoY 10 .0 - 7.0 6.0 - 5.0 4.0 3.0 - 2.0 to - 0.0 Russia Indonesia Latam Brazil Singapore EM Asia China UK Euro area US Japan Nov-10 Dec-10 Jan-11 Source: J.P. Morgan Securities LLC. EFTA01158390