Is This Really a Long Term Mystery?

The rich world has survived the last three decades without seeing any sustained inflation. I sought an explanation to this mystery from andrew sentence, a senior adviser at cambridge econometrics. He's a former member of the bank of england's monetary policy committee. i think we've had a long period of low and stable inflation, and that has fed into what economists call low inflation expectations. And you get into a virtuous cycle where people expect low inflation, they behave as if inflation will below. But with so many different factors now contributing to arise in inflation across a number of different countries, those inflation expectations may get shifted upwards. Real living standards probably will be falling.