Disinflationary trend in developed economies, started about 2011, continues. As latest World Bank's Data shows, inflation in developed world in December was at lowest levels since 2008-2009 financial crisis and its clearly going to enter the deflation zone soon. But industrial production, in general, keeps growing, though at a slower pace. In some countries the picture is quite different. E. g., stagflation environment (industrial production contraction accompanied by high inflation rate) can be noticed in India, Indonesia, Brazil & Russia last months. Also, Japan somewhat stagflationary. Recent developments of situation in Ukraine looks like catastrophe (double-digits contraction in industrial production).
Select the country from the list at top right of the page to explore recent & historical trends.