Production bottlenecks during the economic recovery after the pandemic together with rising energy prices contributed to an increase in average price levels. The 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 second quarter of 2023, the average inflation rate among OECD countries was 1.39% relative to the previous quarter, and 6.49% relative to the previous year. These numbers are on a gradual decline due to the repeated tightening of monetary policy by major central banks, including the European Central Bank and the Federal Reserve. 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, following further tightening measures of the monetary policy by central banks. According to recent estimates, inflation will reach 5% towards the end of the year and decrease below 4% until the end of 2024.