New year expected to see decline in inflation: Economists

ISTANBUL

Economists worldwide anticipate a decline in inflation in 2024, according to the Economic Experts Survey, German think-tank, Ifo Institute, said Friday.

The survey said economists project a global average inflation rate for 2024 at 5%, lower than the previous expectation of 6%.

Expected inflation rates for 2025 and 2027 follow a downward trend compared to the previous quarter, but remain high at 4.4% and 3.6%, respectively.

“Inflation expectations vary widely among the world’s regions,” as most regions show a decline in short-term and long-term inflation expectations compared to the previous quarter.

Western Europe’s inflation expectation for 2024 is 3.1%, while North America’s is 2.4%, below the global average.

Conversely, South America and North Africa present heightened inflation expectations for 2024, standing at 29% and 45%, respectively, both surpassing the global average.

Looking ahead to 2027, economists forecast a decline in inflation of 2.1% in Western Europe and 2.4% in North America.

• Global
• Ifo
• Inflation