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Central banks nearly everywhere have to play catch-up with highly elevated inflation rates — of their own making. The stimulus they provided in the form of rapid growth in their money supply, combined with generous income relief from their treasuries during the Covid-19 lockdowns, have proved too much of a good thing for spending.

The unexpected weight of extra spending has to some degree overwhelmed supply chains, putting further pressure on prices. The invasion of Ukraine and economic war on Russia have further shocked the energy and food markets, leading inflation higher...

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