IT'S IMPOSSIBLE TO OVERSTATE DEFLATIONARY PRESSURES:

Six months after Russian tanks rolled into Ukraine, an inflationary shock is still ripping through boardrooms, finance ministries and households, with European natural-gas prices surging again on August 22nd owing to fears of further disruptions to supply from Russia. But in one crucial area, prices have come back to Earth. The cost of grains, cereals and oils, staples of diets around the world, have returned to levels last seen before the war began.

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