The economic recovery after the pandemic together with rising energy prices contributed to an increase in average price levels. Economic uncertainty related to the Russian invasion of Ukraine have exacerbated the precariousness of a stable recovery triggering global ripple effects through commodity markets, trade, financial flows, and displaced people. In the first quarter of 2023, the average inflation rate among OECD countries was 1.53% relative to the previous quarter, and 8.57% relative to the previous year. Switzerland and China stand out as (relatively) low inflation-exposed countries. The OECD economic outlook expects annual inflation to decrease sharply in the coming quarters, due to the repeated tightening measures of the monetary policy by the ECB and the Federal Reserve. According to recent estimates, inflation will reach 5% towards the end of the year and decrease to 4% until the end of 2024.