Post-pandemic inflation wave
The acceleration of world inflation after the pandemic, when supply disruption, postponed demand and dearer energy overlapped.
How to read the number
It began as a supply shock, with broken logistics chains, and continued as demand paid for by fiscal support. Even in hindsight the two parts resist a clean separation.
When the metric lies
Central banks called it transitory for a long time — a reminder that a regulator's statement about the future is not information about the future.
Also known as: post-pandemic inflation