Inflation: the good, the bad and the ugly

Global inflation is heating up. According to the International Monetary Fund, the global consumer price index (CPI) is expected to rise from its recent 2015 low of 2.8% to 3.5% in 2017 and then hover around this level for the next five years.

But AXA Investment Managers’ head of macroeconomic research, Laurent Clavel, and the firm’s senior fixed income portfolio manager, Jonathan Baltora, believe the cost of living could jump even higher before it eventually stabilises, primarily because central banks have deliberately kept interest rates down in a bid to help their respective countries cut their debts.

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