Just as the inflationary heat is rising again in America, much of Asia is feeling a chill. Leave aside the hotspots—Japan and Bangladesh—and the average rate across the continent’s ten biggest economies is a tame 1.3%. Consumer prices have fallen outright in China, the biggest of all, and in Thailand. Other Asian economies, including the Philippines, are not far from deflation. Even in inflation-prone India prices rose by just 1.6% in the year to July, the slowest rate since 2017. In some Asian economies inflation is within central bankers’ target ranges. But in five it is now below these, and even in on-target countries the trend is disinflationary.