“In July 2022, the median inflation rate worldwide was 9.4 percent, the highest since 2008. By last month, it had been whittled down to 2.9 percent. This decline in inflation has been broad-based: in 90 percent of countries it is now lower than in July 2022…

Plummeting commodity prices—which dropped by nearly 40 percent between mid-2022 and mid-2023—accounted for over 2 percentage points of the overall reduction in global inflation between 2022 and 2023. Commodity prices have remained mostly range-bound so far this year, limiting the downward pressure on inflation. Meanwhile, inflation in consumer services has remained stubbornly high this year in advanced economies, despite recent reports showing headline inflation decreasing slightly faster in some major economies.”

From World Bank.