The graph doesn't give enough context, nor does the article IMO. China is a third party in this, as well as the Ukraine War, etc. And Trump seems unlikely to be good for the economy in his time in office so next year might be up, but there are many more factors.

With Donald Trump preparing to cut taxes and increase tariffs, US inflation is forecast to stay above 2 per cent throughout the whole of 2025, according to predictions compiled by Consensus Economics. Eurozone inflation is on the other hand forecast to drop below the ECB’s target of 2 per cent as soon as February.

“We expect a divergence to open up between the loosening cycles of the Fed and the ECB as mounting inflation risks cause the former to take a fairly cautious approach, while the latter responds forcefully to economic weakness,” said Jennifer McKeown, chief global economist at Capital Economics.