High and rising inflation is fast becoming a global trend as the combination of surging energy costs, strong demand and supply chain disruptions continue to push up prices by more than economists expected only a few months ago.
In the US, Canada, the UK and the eurozone, consumer prices rose in October at their fastest pace inasmuch as three decades. In emerging markets such as Turkey, Brazil and Argentina, inflation rates have hit double digits.
Only in parts of Asia-Pacific, in countries such as China, Japan and Indonesia, is consumer price inflation still relatively subdued. But even there the inflationary trend is up, economists say.
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