Too hot and too cold at the same time: the developed world fears deflation while in much of the developing world overcooked inflation preys on the mind.
The current inflation rate in almost all rich countries is below 2 per cent (Australia and the UK are exceptions). Morgan Stanley expects a 1.5 per cent rate for the whole group in 2010. And unless rapid economic growth stages a welcome but unexpected return, the predominant direction of pressure on prices and wages will remain resolutely downwards.
By contrast, the emerging market inflation rate is about three times higher – expected at 5.4 per cent in 2010 – with central banks scrambling to slow the momentum.
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