Members commenced their discussion by noting that global inflation was high and well above central banks’ targets in many economies. High inflation was impinging on households’ real incomes and sentiment, and the rapid increase in interest rates would further weigh on aggregate household disposable income. Fuel prices had declined recently and the latest data showed headline inflation had stopped rising in most economies, with the exception of Europe. However, underlying inflation remained high, so it was too early to conclude that this represented a change in trend. Upstream price pressures had continued to ... (full story)