The experience of countries that have fought inflation with unparalleled aggression offers a glimmer of hope
Now, at long last, that is changing. Although Hikelandia’s “core” inflation, a measure that strips out volatile prices such as for food and energy, is still too high, at around 9% year on year, it is on the way down, in part because higher rates are starting to bite . Hikelandia’s experience offers a glimmer of hope for other inflation-fighting central banks.
Inflation expectations are also dropping, influenced by falling energy and food prices. The average Brazilian expects inflation of 4% over the next year, down from 6% for much of 2022. Kiwis reckon inflation in five years’ time will be around 1%, half their forecast in December.
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