Due to such an interplay of factors, over the past months inflation in many advanced economies has been at multi-decade highs – in the USA at a record four-decade high, and in the euro area at the highest level since its establishment. In such an environment, central banks and international institutions continue to revise up their inflation projections for the coming period.
However, the majority of central banks and international institutions assess that gradual calming of the situation in the market of primary commodities can be expected going forward, which should also result in a gradual deceleration of global inflation.