The International Monetary Fund is forecasting consumer price inflation to peak in the fall, before dropping to pre-pandemic levels by mid-2022.
However, the IMF warned on Wednesday that a shortage-driven inflation spike could prove persistent.
It cited rising housing prices and prolonged supply shortages in advanced and developing economies as well as currency depreciations in emerging markets.
The IMF sees inflation in advanced economies peaking at 3.6 percent before declining to about 2-percent by mid-2022.
Emerging and developing economies will see inflation decline to around 4-percent next year, after peaking at 6.8 percent.