Global consumer price inflation is approaching a record high, according to International Monetary Fund Managing Director Kristalina Georgieva, as reported by Bloomberg. According to the publication, the U.S. inflation rate for October could approach 8%.
“I don’t want to get ahead of the data, but it’s quite possible that we’ve reached the peak,” Georgieva noted during the annual UN summit.
She also added that central banks around the world are currently making every effort to combat inflation and are demonstrating solidarity. However, if regulators’ policies do not succeed in the coming months, “the foundation for growth—which is price stability—will be undermined.” At the same time, the IMF chief believes that maintaining the 2% inflation target is becoming an increasingly difficult task.
If the diversification of supply chains begins to increase in the global economy, this will inevitably put pressure on prices. As a reminder, in September, inflation in Ukraine accelerated to 24.6% on an annualized basis. Prices rose for both non-food and food items, particularly groceries, clothing, and household goods.