If I could answer that definitively I'd be crowned Chief Economist but one explanation that is frequently posited is the US (and Western Europe to a lesser exte

If I could answer that definitively I'd be crowned Chief Economist but one explanation that is frequently posited is the US (and Western Europe to a lesser extent) has effectively exported inflation. US runs a trade deficit but that imbalance is made up for by being the global reserve currency. International transactions (especially oil) are denominated in dollars generating demand. And our trade partners like China invest in dollar denominated assets (ie US treasuries) making up for the trade imbalance. Since the USD is a safe haven currency it has held up extremely well relative to other currencies recently. The UK just ran into the limit of loose fiscal policy which imo is a commentary on the extent of their decline as a world economic super power and demand for/perceived safety of GBP.