Taking stock of 2023 as we head into the end of the year highlights the degree to which the events of the past three years continue to shape economic outcomes, both globally and at home. In developed markets, inflation remained stubbornly high at the start of the year but has since shown more convincing signs of moderation. Figure 1 shows that headline measures, which capture food and energy prices, slowed the most, but core measures, which include both goods and services, have also started to ease. The challenge remains that underlying economic dynamics within developed economies – as well as many of their emerging peers – differ, and, as a result, the path and pace back into target ranges will vary by country.

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