Too soon to declare victory on inflation – World Bank report
Economists say central banks should proceed with caution to avoid upside risks
Even though central banks have made substantial progress since 2022, it is too soon to declare a victory in the fight against inflation, economists at the World Bank have said.
In a blog post on August 5, Jongrim Ha, Ayhan Kose, Franziska Ohnsorge and Nikita Perevalov wrote that global median inflation had dropped from 9.4% in July 2022 – the highest level since 2008 – to 2.9% in July this year. Whereas two years ago, inflation was above the target range in all countries with inflation-targeting
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