Declines in the prices of computer chips, shipping containers and fertiliser show that relief is coming from seemingly ever-rising prices.
Three of the key supply side factors driving today’s global inflation levels have already turned around, meaning relief could be on the horizon for shoppers worldwide.
“While inflation in some parts of the world is yet to peak, there are at least some signs emerging that we may not be too far off in terms of a turning point at which we start to see the annual inflation rate start to head lower,” said Khoon Goh, Singapore-based head of Asia research at ANZ Banking Group.
With inflation now exceeding 8 per cent in the eurozone, expected to stay above that level in the US when May data comes out on Friday and on the march in Asia too, central bankers around the world are scrambling to contain it.But even as central bankers raise rates, more economists are coalescing around the idea that peak inflation is behind us – though there will be a lag before the lower costs of raw materials filter through to the prices shoppers see.
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