IMF: Global inflation uneven amid tariff war

VTV.vn - According to Ms. Julie Kozack, the fact that part of the tariffs are passed on to selling prices has contributed to increasing core inflation in the US.

View of a cargo port in Busan (South Korea). (Photo: THX/TTXVN)

The International Monetary Fund (IMF) said the global inflation picture is mixed as businesses in the US and some high-tax countries have borne most of the costs from tariffs, while demand remains weak in major export economies like China.

Speaking at a regular press conference ahead of the IMF and World Bank Annual Meetings scheduled to take place in Washington later this month, IMF spokeswoman Julie Kozack said the global economy remains remarkably resilient to uncertainties from tariff tensions.

“We see that global growth in the first half of the year has held steady, but is now starting to show signs of slowing. Meanwhile, the global inflation picture is quite mixed,” she said.

Ms. Kozack said that the fact that some of the tariffs were passed on to prices has helped push up core inflation in the U.S. But headline inflation is rising faster in the U.K., Australia, and India. By contrast, price pressures have been “very weak” in China and some other Asian countries, reflecting weaker export demand due to tariffs. She said the IMF’s next World Economic Outlook, due on October 14, will examine the impact of tariffs on the U.S. economy and inflation in more detail.

In addition, Ms. Kozack commented that the US labor market is showing signs of cooling, so the Federal Reserve (Fed) acted appropriately when cutting interest rates at its September 2025 meeting, especially when inflation is gradually approaching the target. However, she emphasized that inflation still has the potential to increase, so the Fed needs to continue to closely monitor economic data before making the next interest rate decision.

Asked about the economic impact of the partial US government shutdown that began on October 1, Ms. Kozack said the IMF is closely monitoring the situation and will continue to assess the impact. “The ultimate impact will depend very much on the length and manner of the government shutdown, and we hope that a compromise can be reached to ensure that the federal government continues to be fully funded,” she said.

Source: https://vtv.vn/imf-lam-phat-toan-cau-khong-dong-deu-giua-cuoc-chien-thue-quan-10025100314320848.htm