The Inflation Challenge in 2024
The latest consumer price data in major advanced economies offer some encouraging news about headline inflation trends; but core inflation (excluding energy and food prices) remains uncomfortably above central banks’ targets. Among the many variables for forecasters to watch in the new year, three stand out.
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LONDON – As 2023 draws to a close, there are many known unknowns – especially on the geopolitical front – and presumably as many unknown unknowns lurking on the horizon. Producing any forecast for the global economy is thus more difficult than usual. For their part, investment houses seem to be expecting a further slowdown in 2024, with many flummoxed by the fact that we haven’t had a major slump already.