The Global War on Inflation Is Far From Over
In Turkey and Argentina, prices are running wild. And China could be a wild card for the whole world.
Signs with food prices outside a grocery store in Buenos Aires on Nov. 18. Argentina's annual inflation surged last year after the government implemented price freezes on more than 1,000 consumer goods.
Photographer: Erica Canepa/Bloomberg Subscribe to Stephanomics on Apple Podcasts
Subscribe to Stephanomics on Spotify
Frustrated by prices at the grocery store? People in countries with advanced economies who have been grousing about single-digit inflation have nothing on Argentina and Turkey. There, inflation is above 90% and 60%, respectively. In the words of one tourist in Buenos Aires, carrying enough cash to pay for a flight leaves one feeling like a bank robber—with a stack of pesos as thick as a brick. With new consumer price data on Thursday, the US is getting a better idea where inflation is headed there. But as it reopens, China remains a wild card for the whole world.