IMF raises 2024 inflation forecast

In most countries, the IMF predicts inflation will remain above central banks' targets until 2025. "Monetary policy will need to be tightened in most places until inflation falls steadily to target levels," IMF chief economist Pierre-Olivier Gourinchas stressed.

Food prices are rising in many places.

The call for caution on inflation comes as the IMF also cut its forecast for global economic growth in 2024, according to Bloomberg. The IMF forecasts global growth next year at 2.9%, down 0.1% from its outlook in July and below the 3.8% average of the two decades before the Covid-19 pandemic. The IMF's forecast for 2023 is unchanged at 3%. While the outlook for global economic growth is low, it is relatively stable, and the IMF sees a higher chance that central banks can keep inflation in check without tipping the world into recession, according to Bloomberg.

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