Despite the recent moderation in international energy prices, inflation in major economies such as the United States is decelerating more slowly than expected by financial markets.

Therefore, this report aims to examine the inflation trends in key countries by factors and to identify reasons for the slower pace of inflation deceleration compared to the expectations of financial markets using statistical techniques.

Initially, external factors such as energy and food prices led inflation in major countries, but recently, domestic sectors such as services have been driving inflation.

Analysis of the lag between inflation and factor influences in major countries suggests that the rapid economic recovery in 2021-2022 will have a significant impact on this year's inflation trajectory.

Considering the lag between economic fluctuations and price movements, it is anticipated that global price levels in 2023 will remain higher than the long-term average (or policy target).