Why is inflation relatively low in some places?

public uproar about the cost of living, policymakers like to point out that rising prices are a global phenomenon. “Every country in the world is getting a big bite and piece of this inflation,” said President Joe Biden on June 10th, after America reported its (consumer prices rose by 8.6% in May, compared with a year earlier).It is true that the cost of fuel, fertiliser and grains after Russia invaded Ukraine in February. But not everywhere has its mouth full of inflation. Of the 42 big economies featured in the of , eight still have inflation below 4%. Six of those eight are in East or South-East Asia (see chart). The region also includes some smaller oases of price stability, such as Vietnam (where inflation was 2.9% in the year to May) and Macau (1.1% in the year to April).