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Inflation is easing from the multi-decade highs reached in many countries following Russia’s full-scale invasion of Ukraine.

The latest figures for most of the world’s largest economies show the wholesale food and energy prices that soared during 2022 are now falling back.

This page provides a regularly updated visual narrative of consumer price inflation around the world.

It includes economists’ expectations for the future, which show forecasts for inflation in several major economies have now stabilised. Including in the US, France and Germany, according to forecasters polled by Consensus Economics.

Investors’ expectations of where inflation will be five years from now have declined from their recent peaks.

The rise in energy prices was the main driver of inflation in many countries, even before Russia invaded Ukraine. Daily data show how the pressure has intensified on the back of a conflict that has forced Europe to search for alternative gas supplies.

However, wholesale prices continue to ease as a result of weakening global demand and European gas storage facilities being filled close to capacity.

But energy prices still remain high by historical standards…