No. Last year, a drop in unemployment rates, as well as wage rises in major economies did not affect consumer prices in a manner similar to the way those factors have in the past. 

Tightening will moreover remain as a core theme of global monetary policies this year. As the Federal Reserve continues to raise interest rates and the ECB starts to shrink its balance sheet, emerging economies will also push their borrowing costs up. Crude oil prices are expected to stay flat in comparison to last year.

All these factors suggest that inflation is not in the cards. As risks of a global economic downturn increase this year, a sharp rise in inflation is thus also unlikely.