From goods leaving factories in China to diesel and gasoline at the pump in Europe and the U.S., prices are finally going up. Central bankers spent years worrying about deflation-a persistent drop in prices-and resorted to unconventional techniques such as negative interest rates to keep it at bay. Now the global economy is getting a lift from higher prices for key commodities such as oil and iron ore, as well as from optimism in the U.S. that tax cuts and government spending by the administration of Donald Trump will help drive demand, wages, and investment.
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