Now the US has reported its latest inflation figures (CPI) , eyes turn to the UK consumer price index (CPI) on Wednesday after prices rose at their fastest rate in 40 years in July.
America’s CPI unexpectedly rose in August by 0.1%, despite predictions of a 0.1% retreat, as falling energy prices failed to fully offset increases in services.
But even in the US, the rate of the increase in prices is slowing and some goods and commodities are now well off their peaks.
What prices are falling?
Last week, crude oil futures dropped to just over US$80 per barrel, hitting their lowest point since January as rising fears that a global economic downturn will hurt demand weighed on energy markets.
Ukraine's recent military successes also helped, with hopes that the war might be shorter than expected.
After rocketing to new highs in the spring, metal prices continue to slide, with iron ore, aluminium, and copper all sinking in recent weeks.
China is often the main driver behind metal prices, with demand in the world’s most populous country sinking as of late.
In recent weeks, stock orders have collapsed in manufacturing, commodity prices outside of Europe have edged lower and many supply chain metrics have significantly improved.
These trends have continued with producer prices declining and most notably in China where they turned abruptly negative month-on-month.
US imported goods prices have also been falling, which will be a key determinant of core goods inflation in the coming months.
Ocean shipping rates on major trade routes have fallen by over half since the beginning of 2022, another sign of easing inflation pressures and alleviating supply chain problems.
With just energy and food prices still climbing, it appears many of the pressures behind price rises consumers have been facing might be easing, though it will be a bold economist who calls the turn.