Is inflation making a comeback?

Inflation has hardly been seen in the developed world economies for the last three decades. But now some economists are warning it could be returning with a vengeance, because of supply chain problems, post-Covid exuberance, and higher wage demands. What is going on, and should we all be worried? We hear opposing views from Claudia Sahm, former economic adviser to the Federal Reserve and the White House, Steve Hanke of Johns Hopkins University, and Andrew Sentance, senior adviser at Cambridge Econometrics and a former member of the Bank of England's Monetary Policy Committee.Image: Full shopping cart in supermarket aisle (Credit: Getty Images).