How high could global inflation go?
AFTER PEAKING at more than 10% in late 2022, because of post-pandemic supply-chain snarl-ups, over-generous stimulus cheques and, for good measure, an energy shock from Russia’s full-scale invasion of Ukraine, average inflation across the rich world fell. By the beginning of this year it was near 2% (see chart 1, top). Central bankers thought they had slain the inflationary beast.
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