Rates of headline inflation in the major economies have already peaked and are set to continue falling over the coming months. This column highlighted this dynamic several months ago, and it argued at the time that a combination of base effects and lower energy prices would serve to drag headline inflation measures lower over time. In today’s column, I will revisit this theme, but also address several other cyclical factors that should result in lower inflation readings in the coming months. Let’s start with energy prices. For the last few months, oil prices have struggled to rise and have traded…

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