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