The US in 2025 is no outlier. Instead, the only countries bucking wider trends relatively briefly in the past 35 years have been Italy and the UK during the 1992 Exchange Rate Mechanism crisis, Italy again in 1995 before it knuckled down to join the euro, Italy for a third time during the Eurozone crisis of the early 2010s, and Japan across the whole period when it was stuck with persistent deflation.