World Bank Deputy Chief Economist Ayhan Kose
The World Bank says based on its estimates, inflation has already peaked in most counties.
World Bank Deputy Chief Economist Ayhan Kose says based on the current path, the increase in the cost of goods and services should regulate by 2024.
"At the global level we saw quite high inflation, around nine per cent last year. That number has been coming down. Historically, that's a high level. I think the number in many countries is the highest we have seen in a generation," he pointed out.
Mr. Kose said the World Bank's forecast suggests that global inflation will fall to about three per cent by the end of next year.
But he noted that this might still not be good enough to meet the inflation targets of some central banks.
"So central banks are going to be on the offensive in terms of trying to contain inflationary pressures. And when you look at the core inflation, that is quite stubborn. In a number of advanced economies, we see core actually is creeping up. So there are good news and there are still worrying signs when it comes to inflation," he suggested.