Price inflation is starting to fall in many countries but it still remains way above the typical 2% target of most major economies. In the UK, inflation has been above target since August 2021 and in double digits since August 2022.
In 2021, I was one of the economists who warned that high inflation might not be “transient”, as major central and various think tanks were claiming at the time when they said rapid price rises wouldn’t last long. I argued for action before high inflation became embedded in the economy and made the UK a poorer country.
