Inflation continued to respond favourably to contractionary monetary policies in most countries, as the Consumer Price Index (CPI) declined in advanced economies during Q1-2024. In particular, inflation in the United Kingdom and Euro Area decreased by 80 basis points and 50 basis points, reaching 3.2% and 2.4%, respectively. However, inflation in the United States rose slightly by 10 basis points to 3.5% in Q1-2024, primarily due to elevated energy and transportation costs. In contrast, inflation remains persistently high in other regions.
China moved out of deflation, with inflation increasing by 400 basis points to reach 0.1%. Argentina saw a dramatic rise in inflation, surging by 7,650 basis points to 287.9% during the period. In Africa, inflation continued to climb, with Nigeria, Ghana, and South Africa experiencing increases, reaching rates of 33.2%, 25.8%, and 5.3%, respectively.

Looking ahead to the first quarter of 2025, inflation rates are expected to decline across both advanced and emerging economies…

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