Global consumer inflation projected to be at 4.7%: S&P

Annual global consumer price inflation is projected to be at 4.7 per cent in 2024, down from an estimated 5.6 per cent in 2023 and a peak of 7.6 per cent in 2022, according to S&P Global Market Intelligence. According to S&P, there will be lower consumer price inflation rates in 2024 compared with 2023. 

“The sharp initial decline in global consumer price inflation from late 2022 stalled in mid-2023, reflecting a rebound in energy prices and sticky core inflation, particularly for services. The downward trend has resumed and is expected to continue through 2024,” it said.  

The inflation across the world inched up in the post-pandemic world because of supply-chain disruption introduced by Covid-19. But with central banks raising the rates across the world, the soaring inflation is moderating and is expected to go beyond further. 

The central banks across the world also made their stance clear that inflation is still a top priority for them and they are vigilant about inflation. In fact, the RBI has also said that the apex bank is prioritizing inflation over growth.  Similarly, the US Federal Reserve earlier this month said that the bank is closely tracking the inflation.