The Rise of Inflation in Europe

In the US, we had a 9.7% year over year rise in the producer price index. You're much more in tune in what's going on in Europe, but inflation there is high as well. In my view, all of this is linked to the pandemic, one way or the other. And essentially, what the pandemic did was that it restricted the supply of goods around the world and so caused an increase in demand. If you throw into the mix a massive oil shock, so we've had the biggest percentage increase in oil prices since the 1970s, you've ended up where we are today with very high inflation. Now, my sense is, and there's

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