A return of the inflation monster?

Fears grow over the intellectual shift to running economies ‘hot’

Those under 50 years of age will have little real recollection of the impact of runaway prices in advanced economies – nor the hardship associated with double-digit interest rates required to quell them. The US recession of 1981, triggered by Federal Reserve chair Paul Volcker’s ‘shock’ interest rate therapy (with rates as high as 20%), effectively froze out the ‘inflation monster’ from developed-world economies for the past four decades – inflation has only occasionally revealed itself in

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