The IMF again sounded the alarm bell at the weekend over low global inflation.

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But has the worst of anemic price rises already passed the world economy? That, at least, is the view of J.P. Morgan Chase economists.

In its weekly roundup of global economies, J. P. Morgan said it believed inflation has reached a low point after two-and-a-half years of falling price growth.

The bank noted that global consumer prices grew just 2% on year in February, their slowest pace since late 2009. Slowing growth in emerging markets, notably China, added to sluggish price growth in the U.S. and Europe.

But J.P. Morgan now expects inflation to pick up. There are a few factors at play.