Charting the Global Economy: Inflation Is Front and Center

The surge in commodities prices this year and improved economic prospects as the world recovers from the coronavirus pandemic are generating higher consumer inflation.

In the U.S., the closely watched consumer price index posted its biggest monthly advance in almost 12 years, smashing estimates. With unfilled job openings stretching to a record as demand grows for goods and services in the world’s largest economy, companies may have to boost pay.