The troubling trend is spilling over into every corner of the global economy, with dramatic effects. McKinsey Global Publishing looks at the latest data.
Every morning a new headline underscores growing economic concerns: Highest inflation since the 1970s. Central banks aggressively raising rates. Consumer sentiment at record lows. Commodity prices near all-time highs. Clearly inflation has, at a minimum, altered the economic mood, and potentially reset the path of global and national economies worldwide for years to come. McKinsey’s experts have examined many of the strategic implications of inflation. Here, we use the best and most recent publicly available data to offer seven charts illustrating inflation’s insidious progress
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Double trouble. In the past six months, inflation has far exceeded December 2021 expectations. In many countries, actual rates have doubled projections. European countries are particularly affected. For example, inflation in Lithuania is running at 15.5 percent annually, nearly five times the rate expected. Poland is at 11 percent and the United Kingdom at 9 percent, both well above projections. At 3 percent, Switzerland is an outlier. Asia is seeing a less severe change: Indian inflation is about 7 percent, only a bit above projections; and South Korea is at 5 percent. In China and Japan, inflation remains muted.
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