Source: GQG Partners LLC (chart), CEIC, Bloomberg, Autonomous Research (data). Data through August 2025. Nominal Equivalent Annual Cost (EAC): Weighted average of official data on retail sales, exports, Industrial Production (IP), Fixed Asset Investment (FAI), and freight traffic. Property FAI was replaced with property investment for that segment of FAI. Real EAC: A rolling 3-month average of CPI and PPI is used as the deflator for the real EAC. IP and freight traffic are reported in real terms and not deflated.