For Much of the World, Inflation Will Be Normal in 2024—Finally

Call it a Christmas miracle: Inflation around the globe is slowing way faster than expected. If economists are right, that gift will keep on giving next year, bringing inflation back to normal levels for the first time in three years.  

Goldman Sachs economists estimate that core inflation, which excludes food and energy, in the group of economies that experienced the post-Covid inflation surge—the U.S., Europe and several emerging markets—ran at a 2.2% annualized pace over the three months ended November.

By the end of 2024, average inflation among that group...