For a lot of smart people, the way inflation works is no easier to understand than COVID-19.
And when we hear, as we did yesterday, that the person who is supposed to be one of the world’s biggest inflation experts did not see the current round of price rises coming even after the pandemic hit, that may bolster our egos. But it isn’t entirely reassuring that the world’s economy is in safe hands.
With predictions that the latest U.S. inflation figures, out later this morning, could hit a shocking 7.1 per cent — a level unheard of in younger people’s lifetimes — it would be nice to know there
