The bad news on inflation just keeps coming. At more than 9% year on year across the rich world, it has not been this high since the 1980s—and there have never been so many “inflation surprises,” where the data have come in higher than economists’ forecasts. “Real-time” economic indicators of everything from housing activity to manufacturing output suggest that economic growth is slowing sharply.

Some indicators point to more price pressure to come in the near term.