Introduction

Peter St. Ange: Inflation around the world is not going away, and central bankers have no idea what to do beyond yet more panic hikes in the dark. The Bank of England hiked another 50 basis points, it's half a percent; Norway also hiked 50 to defend its sliding currency. Across the wider OECD group of 38 rich countries, core inflation has been stuck above 7% for almost a year now. Those rates have managed to slow their economies to a crawl but even that is fading.