Societe Generale analysts expect the disinflation narrative to dominate in 2026, driven by moderating wage growth and supportive commodity dynamics. They forecast headline inflation to average 1.7% in 2026, down from 2.1% in 2025. Analysts highlight two-sided risks that could impact this outlook, including factors like China's excess supply and energy markets. Inflation trends and forecasts"We still expect the disinflation narrative to dominate in 2026, even if two‑sided risks could slightly alter the picture. "We expect disinflation to dominate 2026, driven by moderating wage growth and supportive commodity dynamics, particularly in Brent and agricultural prices.