Persisting bottlenecks affecting global value chains together with rising energy prices contributed to an increase in average price levels. Moreover, economic uncertainties 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 last quarter of 2022, the average inflation rate among OECD countries was 1.52% relative to the previous quarter, and 10.13% relative to the previous year. Switzerland and China stand out as (relatively) lowinflation countries. The OECD economic outlook expects annual inflation to decrease sharply in the coming quarters, due to the tightening of monetary policy by the ECB and the Fed. The OECD economic outlook expects annual inflation of OECD countries to gradually decline throughout 2023, reaching 5.5% towards the end of the year, and to decrease to 5% by the end of 2024.