According to Bloomberg Economics, global inflation is currently at the peak of 9.8% year-over-year. However, the figure may slide to 9.5% by the end of 2022 and 5.3% in the second half of 2023. Bloomberg Economics reports that global inflation is close to its peak. However, a gradual retreat from multiyear highs reflects major central banks' concern about consumer prices. Experts note that this problem may still bring pain to the world economy next year. Last week, markets were digesting the US and EU inflation reports. Currently, the indices are declining. Data on producer prices and inflation expectations among investors is rather upbeat. In addition, interest rate hikes are beginning to improve the global economy. At the same time, experts warn that the ongoing battle against inflation may take a lot of time. Consumer prices are unlikely to stabilize even if inflation shrinks significantly. "Even as they edge down, consumer price readings will remain way above the comfort zone for central banks, necessitating further tightening even as recession risks loom," Tom Orlik, Bloomberg’s chief economist, said. Meanwhile, Bloomberg Economics adds that risks for global inflation remain. Supply chain bottlenecks may appear and commodity prices could rise again if China reopens its economy after easing its zero-COVID policy.