Emerging and developing economies, like advanced economies, have experienced a remarkable decline in inflation over the past four to five decades. Yet, research into this development has focused almost exclusively on advanced economies. This study provides the first comprehensive and systematic analysis of inflation in emerging and developing economies. It examines how inflation has evolved and become synchronized among economies; what drives inflation globally and domestically; where inflation expectations have become better-anchored; and how exchange rate fluctuations can pass through to inflation. In light of this analysis, the study then discusses whether the era of low inflation in these economies could be sustained. It emphasizes the benefits of stability-oriented and resilient monetary policy frameworks, including central bank transparency and independence. Such policy frameworks need to be complemented by strong macroeconomic and institutional arrangements in emerging and developing economies. The presentation is based on a new World Bank study: “Inflation in Emerging and Developing Economies: Evolution, Drivers and Policies” edited by Jongrim Ha, M. Ayhan Kose and Franziska Ohnsorge.