inflation broadly eased in 2025, partly driven by lower energy prices, though with variation across economies. Higher US tariffs and the countermeasures by their trading partners have posed limited upward pressure on global inflation so far, as the supply chains to a certain extent. Looking ahead, the global disinflation process will likely continue in 2026, but the possible feed-through of higher trade to the IMF's latest projections, global headline inflation is forecast to fall from about 5.8% in 2024 to 4.1% in 2025 and further to 3.8% in 2026, with inflation In 2025, North Sea Brent crude oil prices declined by 15.7%, from US$ 73.1 per barrel in December 2024 to US$ 61.7 per barrel in December 2025, despite various episodes of geopolitical tensions in oil producing regions, as