There was little doubt that excess demand did play a role in the inflation. An important event here is the Black Death of the Mid-1300s. The population of Europe fell very drastically after the Black Death. It then recovered very quickly so you had high population growth and also people moved to cities.
In 2022 global inflation spiked at a rate not seen in decades. A look at the world’s very
first such bout reveals eerie echoes of today’s woes—and lessons for tackling them. Our correspondent meets Indonesia’s Baduy people, for whom
modernity is encroaching on strict religious and ascetic ways. And our data team finds that
favourite dog breeds vary by country. Additional music courtesy of Wim van Zanten. For full access to print, digital and audio editions of
The Economist, subscribe here
www.economist.com/intelligenceoffer