For more than a year now, inflation has been the biggest economic concern among policymakers almost everywhere – the first time this has happened since the 1970s.
But it is now in retreat. After hitting a 40-year high of 9.1 per cent in June 2022, consumer price inflation in the United States tumbled to 3.2 per cent on an annualised basis in July, the lowest level since March 2021.
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