Global inflation has decreased steadily over the past few decades. It was noted that inflation has remained low since the Great Crisis of 2008. Inflation risk has ceased to be priced by the major central banks，and has been replaced by reflation as a new policy objective. Despite its decade-long dormancy，inflation has also started to gain momentum after previously holding it back.

Deglobalization was accelerated by the 2008 global financial crisis. The “demographic dividend” is approaching a ceiling，and efficient-first globalization is under scrutiny. Combined with a tight labor market，the wage Phillips curve may tilt again. As a result of inflation targeting，central banks have gained the reputation of being inflation fighters，anchoring expected inflation firmly at 2 percent. However，average targeting has taken the first step away from this goal.

From Globalization to Deglobalization

After the Second World War，globalization can be categorized into four stages. The first stage extended from the conclusion of the war until the disintegration of the Bretton Woods system. During this time，global trade was carried out under a fixed exchange rate system and a gold-US dollar exchange standard. The second phase was between the first oil shock and the early 1980s，when globalization stalled. The third stage，from the mid-1980s to the great crisis of 2008，was ‘trade globalization+ factor globalization+ financial globalization’ under the dollar standard and the floating exchange rate. In the fourth phase，globalization reversed post-crisis. Due to their distinct characteristics，the initial and final phases of globalization are in equilibrium，while the concluding stage is imbalanced. The era of peak globalization commenced in 2008，with GDP being attributed to 52.46% of all commodity imports and exports.