– This is the script of CNBC's news report for China's CCTV on February 15, Wednesday.
Welcome to CNBC Business Daily, I'm Qian Chen.
Global central banks have spent trillions of dollars and the years since the financial crisis battling to ward off deflation and with mounting signs that their efforts are now paying off, inflation numbers are a key market focus Tuesday.
Despite the strengthening trend in data seen in recent months, rhetoric from central banking chiefs continues to be tilted away from pursuing swift actions to address rising prices and instead directed towards prioritizing other economic imperatives. Meantime longer-term bond yields in key global markets have been on a mostly steady march higher since last summer.
A similar pattern is expected in the U.S., where despite core inflation surprising to the upside in December in hitting 2.2 percent, the first few months of 2017 see a high bar given strong data recorded in the same period last year.
Economists at SocGen see headline inflation spiking to 2.6 percent in February and March before dropping to a stable level of around 2.0 percent from the spring and falling further due to higher energy comparables from 2016 later in the year.
Fed Chair Janet Yellen is widely expected to continue pointing towards the data dependency for the central bank's rate rise agenda this year. This as the market's current pricing in of a June and December hike sits at odds with the latest indications from the Fed's ratesetters that there may be three rises this year, one as early as next month.
The unknown variable is the extent to which President Trump proceeds with his reflationary proposals, driven by boosted fiscal spending and resulting in speedier interest rate ramp-ups accompanied by a stronger dollar.
The euro zone presents a more complicated picture for European Central Bank (ECB) chief, Mario Draghi with increasing calls out of Germany for higher rates and a stronger currency contrasting with the needs of the weaker member states.
Despite consumer price inflation jumping over expectations to hit 1.8 percent in January, Draghi recently said the ECB would need to see underlying inflation show more of a sustained uptick before tightening policy.
Indeed, overall the return of inflation is good news for Europe, Mouhammed Choukeir, CIO at Kleinwort Hambros told CNBC on Tuesday.
Until Tuesday's weaker-than-expected inflation read of 1.8 percent, the situation in the U.K. pointed towards pricing pressures stemming from the beleaguered sterling potentially forcing the Bank of England to reconsider its pledge to "look through" a certain amount of inflation in favour of supporting the economy.
Despite this month's disappointment, however, the data still reached its highest point since the summer of 2014.
Meanwhile, inflation data out of China on Tuesday surprised to the upside with spikes in energy costs leading the way, helped by food and tourism.
Yet the People's Bank of China looks set to maintain its focus on containing leverage and preventing bubbles over targeting inflation.
CNBC's Qian Chen, reporting from Singapore.