How forcefully should central banks respond to the inflationary surge? the surge in inflation has spread to the rest of the rich world after starting in America. Consumer prices across the oecd club of mostly rich countries are rising by 10.3%, year on year, the fastest pace of increase in at least three decades. In the Netherlands, inflation is nearing 12%, even higher than in America, while in Estonia it is over 22%.Does inflation really matter to a country and its people?

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