In the US, inflation measured through the consumer price index (CPI) fell to a two-year low of 4.9% year-on-year (y-o-y) in April. In the other major developed economies of UK and Eurozone, even as inflation is still elevated, it has come off from recent peaks.
A similar trend is playing out in key emerging economies. In India, headline CPI inflation fell to an 18-month low of 4.7% y-o-y in April. Among economies in the ASEAN group, Indonesia and Philippines saw inflation dip to multi-month lows in April. ASEAN is short for Association of Southeast Asian Nations.
What adds to comfort is that this decline in inflation is largely broad-based, thus aiding hopes that the downward trend could sustain. And thanks to easing international prices of many heavyweight food items in the CPI basket, food inflation is also cooling off.
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