Globalisation and inflation: Insights from the ECB strategy review

After being dormant for about two decades, inflation has started making headlines again. For example, the OECD forecasts US inflation to reach 3.6% in 2021, a remarkable rise from the 1.8% averaged over the last decade. Supply bottlenecks, the shortage of semiconductors, rising commodity prices, and adjustment in Covid-19 sensitive sectors are pushing consumer prices up.…

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