The recent wave of global disinflation, especially in advanced economies, has been largely driven by the resolution of previous supply chain bottlenecks. Increased supply capacity—most notably in critical sectors such as energy (where shocks had previously driven prices up) and manufacturing—has helped realign supply with demand, easing inflationary pressures. Increased government spending or rampant consumer spending would generally be inflationary (demand-pull), while reduced labor force participation typically puts upward pressure on wages, contributing to inflation.