The History of Inflation

Stephen D. King has written a new book on the subject of inflation. He says there's more to it than just 2% target, which is plucked out of thin air by central banks and governments. Inflation was accelerating rapidly from the late 1960s in the U.S., he adds. And arguably, you could say that the oil shock was just the icing on an already inflationary case,. That's one very good example of where inflation surprises on the upside.