About 84% of countries are expected to have lower headline (consumer price index) inflation in 2023 than in 2022.
According to the January 2023 World Economic Outlook report, global inflation is set to fall from 8.8% in 2022 (annual average) to 6.6% in 2023 and 4.3% in 2024––above pre-pandemic (2017–19) levels of about 3.5%.
“The projected disinflation partly reflects declining international fuel and nonfuel commodity prices due to weaker global demand. It also reflects the cooling effects of monetary policy tightening on underlying (core) inflation, which globally is expected to decline from 6.9% in the fourth quarter of 2022 (year over year) to 4.5% by the fourth quarter of 2023”.
“Still, disinflation will take time by 2024, projected annual average headline and core inflation will, respectively, still be above pre-pandemic levels in 82% and 86% of economies, it added.
Inflation to decline to 4.6% in advanced economies
In advanced economies, annual average inflation is projected to decline from 7.3% in 2022 to 4.6% in 2023 and 2.6% in 2024––above target in several cases.
Inflation to fall to 8.1% in emerging economies
In emerging market and developing economies, projected annual inflation declines from 9.9% in 2022 to 8.1% in 2023 and 5.5% in 2024, above the 4.9% pre-pandemic (2017–19) average.
Inflation to moderate to 8.6% in low-income developing countries
In low-income developing countries, inflation is projected to moderate from 14.2% in 2022 to 8.6% in 2024––still high, but close to the pre-pandemic average.
Latest Stories
-
DAMC, Free Food Company, to distribute 10,000 packs of food to street kids
22 minutes -
Kwame Boafo Akuffo: Court ruling on re-collation flawed
42 minutes -
Samuel Yaw Adusei: The strategist behind NDC’s electoral security in Ashanti region
44 minutes -
I’m confident posterity will judge my performance well – Akufo-Addo
56 minutes -
Syria’s minorities seek security as country charts new future
2 hours -
Prof. Nana Aba Appiah Amfo re-appointed as Vice-Chancellor of the University of Ghana
2 hours -
German police probe market attack security and warnings
2 hours -
Grief and anger in Magdeburg after Christmas market attack
2 hours -
Baltasar Coin becomes first Ghanaian meme coin to hit DEX Screener at $100K market cap
3 hours -
EC blames re-collation of disputed results on widespread lawlessness by party supporters
3 hours -
Top 20 Ghanaian songs released in 2024
3 hours -
Beating Messi’s Inter Miami to MLS Cup feels amazing – Joseph Paintsil
3 hours -
NDC administration will reverse all ‘last-minute’ gov’t employee promotions – Asiedu Nketiah
4 hours -
Kudus sights ‘authority and kingship’ for elephant stool celebration
4 hours -
We’ll embrace cutting-edge technologies to address emerging healthcare needs – Prof. Antwi-Kusi
4 hours