Global Inflation Rates

Some countries are suffering from outright deflation. Here's the chart:

source

In the past, deflation from enormous economies like China's, would have depressed inflation in the west (as China attempted to dig itself out of a hole by exporting cutprice goods.

But they are unable to export to the USA thanks to the Trump-Biden tarrifs.

In theory, they should be able to export cheaply to the EU and UK, but this has yet to materialize.

But... it takes 10 to 15 months for supply chains to adjust. So we can look forward to diminishing prices in Europe in the next year.