This is the third in a series of Fathom In Depth articles on the global inflation outlook. In this note, we examine whether China is likely to continue to be a major source of global deflationary pressures, as it has been in the decades since it emerged on the world stage, or whether a declining working-age population could lead to it becoming a driver of higher inflation worldwide. Important in this regard is whether China has passed the Lewis turning point (LTP),…