For a supposedly “transitory” phenomenon, inflation has proved depressingly resilient in the major economies over the past year. In August 2021, the Bank of England said price rises were likely to peak at an annual rate of 4%; instead, they soared to a 42-year high of 11.1% in late 2022. Inflation has also reached its highest levels in four decades in the US and the eurozone. “Markets were caught off-guard by the return of inflation just as badly as central bankers,” says The
