Should we really worry about inflation?
Whether it is the heating bill, pump prices or making the weekly run to the supermarket, consumers are having to dig deeper and deeper into family budgets.
Inflation is complicating the recovery of individual consumers from the pandemic and putting the recovery of the global economy at risk.
What does the data say?
Inflation figures have been rising for months. In the United States, government data released this week showed consumer prices rose by five percent on an annual basis in October, the highest since 1990.
In the Eurozone, consumer prices were up 4.1 percent, the highest in 13 years. In Britain, the increase was 4.2 percent.
In all three, inflation is running at more than double the targets set by their central banks.
Elsewhere, inflation is also running hot. …
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