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'Inflation fever' finally breaking but central banks won't stop rate hikes

As economic growth slows, prices for key raw materials - from oil to copper and wheat - have cooled in recent weeks, taking pressure off the cost of manufactured goods and food

US Federal Reserve Chairman Jerome Powell leaves the reception dinner at the Jackson Hole economic symposium in Wyoming, on August 25. (Photo: Bloomberg)
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US Federal Reserve Chairman Jerome Powell leaves the reception dinner at the Jackson Hole economic symposium in Wyoming, on August 25. (Photo: Bloomberg)

Rich Miller and Enda Curran | Bloomberg
Global inflation is finally coming off the boil, even if it’s set to remain far too hot for the liking of the world’s central bankers.
 
As economic growth slows, prices for key raw materials — from oil to copper and wheat — have cooled in recent weeks, taking pressure off the cost of manufactured goods and food. And it’s getting cheaper to move those things around, as supply chains slowly recover from the pandemic.

After the worst price shock in decades, the speed at which relief arrives will vary, with Europe in particular still struggling. But for the world as

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First Published: Aug 29 2022 | 9:18 AM IST

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