Recreate an RBA chart of inflation in key locations

oecd_inflation.R

library(OECD)
library(tidyverse)
library(lubridate)
library(countrycode)

oecd_cpi_raw <- get_dataset("PRICES_CPI",
                            "AUS+CAN+JPN+GBR+USA+EA19.CPALTT01.GY.Q+M")

oecd_cpi <- oecd_cpi_raw |> 
  janitor::clean_names() |> 
  mutate(date = if_else(frequency == "Q",
                        yq(time),
                        ym(time)),
         obs_value = as.numeric(obs_value)) |> 
  mutate(country = countrycode(location, "wb", "country.name"),
         country = if_else(location == "EA19", "Euro area", country),
         country = factor(country, levels = c("United States",
                                              "Euro area",
                                              "United Kingdom",
                                              "Canada",
                                              "Japan",
                                              "Australia")))

oecd_cpi |> 
  filter(date >= ymd("2012-01-01")) |> 
  ggplot(aes(x = date, y = obs_value)) +
  geom_hline(yintercept = 0) +
  geom_line(colour = "#20A8E2",
            size = 1.25) +
  geom_text(data = ~group_by(., country) |> summarise(date = mean(date)),
            aes(label = country),
            size = 18 / .pt,
            y = 11) +
  facet_wrap(~country) +
  scale_x_date(limits = \(x) c(x[1], ymd("2023-01-01")),
               date_breaks = "1 year",
               labels = \(x) {
                 ifelse(!year(x)  %in% c(2016, 2022),
                                     "",
                                     format(x, "%Y"))
                 }
               ) +
  scale_y_continuous(limits = c(-2, 12),
                     breaks = seq(-2, 12, 2),
                     expand = expansion(0),
                     labels = c('', seq(0, 10, 2), "%")) +
  theme_minimal(base_family = "sans",
                base_size = 18) +
  theme(strip.text = element_blank(),
        panel.grid.minor = element_blank(),
        axis.ticks.x = element_line(),
        panel.grid.major.x = element_blank(),
        axis.title = element_blank(),
        plot.title = element_text(face = "bold",
                                  hjust = 0.5),
        plot.subtitle = element_text(hjust = 0.5),
        plot.caption = element_text(size = 10, hjust = 0),
        panel.border = element_rect(fill = NA)) +
  labs(title = "Headline Consumer Price Inflation",
       subtitle = "Year-ended",
       caption = "Source: OECD.")