Soaring inflation is a truly global phenomenon, with the U.S. near the middle of the pack, according to an analysis of 111 countries.
While inflation is generally high around the world, it’s lower in big Asian economies like China and Japan — though both countries have experienced upticks this year.
After years of very low inflation, Japan is expected to finally hit the central bank’s 2% target this year. But wages are stagnant and consumers are unaccustomed to the rising prices,China’s lower inflation is explained in part by Beijing’s relatively limited stimulus during the pandemic, strong price controls and weak consumer demand,South Korea, meanwhile, experienced the sharpest increase in inflation in 14 years in May, to 5.4%.
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