How high could global inflation go?

AFTER PEAKING at more than 10% in late 2022, owing to post-pandemic supply-chain snarl-ups, overgenerous stimulus cheques and an energy shock from Russia’s full-scale invasion of Ukraine, average inflation across the rich world fell. By the beginning of this year it was near 2% (see chart 1). Central bankers thought they had slain the inflationary beast.