The specter of inflation is back in the western world, and the Central Banks are struggling to keep it under control. The war in Ukraine and the Middle East, the return of supply chains after thirty years of unbridled offshoring, and the demand for higher salaries in the USA are all factors in the recent price fever. On the horizon, we can see that structural inflation is only going to get worse. Central banks are going to be like a high-wire walker, managing a delicate balancing act, because inflation has two faces: when it’s too low it shows a physiological problem of growth, but when it’s too high it creates issues with refinancing public debt.

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