Of the 42 big economies featured in the indicators page of The Economist, eight still have inflation below 4%
public uproar about the cost of living, policymakers like to point out that rising prices are a global phenomenon. “Every country in the world is getting a big bite and piece of this inflation,” said President Joe Biden on June 10th, after America reported its biggest bite since 1981 .
The other anti-inflationary disease in the region is covid-19. Many parts of Asia turned to living with the virus more slowly and reluctantly than in the West. Indonesia, for example, did not entirely abandon quarantine for international arrivals until March 22nd.
In the West, high inflation has forced many economic policymakers to turn hawkish. America’s Federal Reserve, for example, felt compelled to raise interest rates by 0.75 percentage points on June 15th, faster than planned. The Fed’s new haste to combat inflation is complicating East Asia’s fight against the same foe. Higher interest rates in America attract global capital flows, putting downward pressure on Asia’s currencies.
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