Many of the world’s top economies are struggling with inflation levels not seen in 50 years. Post-pandemic supply disruptions are accounting for a large chunk of this price surge. Carstens argued that a host of factors from deglobalisation and demographic changes to more expensive production in emerging markets could make supply constraints more permanent. Central banks have been raising interest rates to ward off the threat of persistent inflation but nearly all, including the U.S. Federal Reserve, have been criticised for recognising the price pressure too late. The European Central Bank has only raised rates once and at zero, its main rate is still providing exceptional stimulus. The realignment of global alliances, a factor of Russia’s war in Ukraine, is also disrupting supplies . . .