Global Inflation Expected to Stay Elevated Through 2028

According to the latest Economic Experts Survey by the ifo Institute, economists worldwide anticipate that inflation rates will remain high in the coming years. For 2025, the global average inflation rate is forecasted at 4.0%, mirroring last quarter’s expectations. In Germany, inflation is expected to stabilize at 2.4% in 2025 and slightly decrease to 2.3% by 2026 and 2028.

Regional Differences and Key Drivers
While Western Europe’s inflation outlook for 2025 is just 1.8%, below the European Central Bank’s 2% target, Eastern Europe and Asian countries foresee significantly higher rates. In the United States, inflation is projected to rise from 3.1% in 2024 to 3.7% in 2025, with US import tariffs cited as a major contributing factor. Africa is expected to experience the highest rates, with some regions surpassing 20%.

Expert Insights
ifo researcher Philipp Heil notes, “Inflation expectations have stabilized at a high level – both in the short term and looking at the coming years. According to the experts, current trade conflicts and import tariffs are a key driver of inflation.”

The survey, conducted from June 17 to July 1, 2025, included responses from 1,340 economic experts across 121 countries.

Source:ifo Institute