Before the covid-19 pandemic, the rich world enjoyed decades without any serious inflation problems. After ruthless monetary tightening in the 1980s, followed by a movement towards independent central banks targeting inflation, price surges seemed as outdated as shoulder pads. In most rich countries annual core inflation, which excludes volatile food and energy prices, has fallen from peaks of 5-8% to a more tolerable 3-5%. However, the idea that inflation was dead also lodged in the minds of central bankers. When prices started to rise in 2021 they were horribly slow to respond. Has the central banks controlled the inflation rates successfully since covid-19 ?

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