High inflation has mostly been defeated around the world, the International Monetary Fund said Tuesday, providing a surprisingly upbeat assessment on prices after warning only three months ago that progress on reducing inflation had stalled.

The chief economist for the International Monetary Fund (IMF) told reporters on Tuesday that "the battle against inflation is almost won," amid falling inflation data. Pierre-Olivier Gourinchas said that inflation in many countries is now nearing central bank targets.

The global war against inflation has largely been won — and at surprisingly little cost to economic growth, the International Monetary Fund declared Tuesday. In its latest assessment of the global economy,