Inflation Can’t Be Justified Only by the COVID and the War in Ukraine. Others Force Play ...

The next few months will tell us if we will see a real wave of inflation.

Prices are now galloping at nearly 10% per year in advanced countries. Even without the costs of energy and food, the increase exceeds 6%. This is an extraordinary reversal. For almost twenty years, prices had been rising at a gentle pace of around 2%, in a climate that seemed rather deflationary. In this respect, the current surge is very different fro…