Inflation collapses around the world amid coronavirus pandemic

Inflation collapses around the world amid coronavirus pandemic

Global economy heads for deepest recession since Great Depression as business comes to near-standstill. Inflation in the wealthiest countries has collapsed at the fastest pace since the financial crisis, as the coronavirus outbreak sinks the world into the deepest recession for almost a century.. Against a backdrop of falling global oil prices amid a price war between Saudi Arabia and Russia and as the world economy heads for the deepest recession since the Great Depression, the Paris-based group said energy prices fell by 3.6% in March, in a dramatic swing from a 2.3% increase in February.. Deflation is when the price of goods and services falls for a sustained period.. Janet Henry, the global chief economist at HSBC, said she expected inflation in the US, eurozone and most of the G10 group of wealthy countries to turn negative within the next couple of months..