This is one of the effects of the economic recovery.
Inflation, which had almost disappeared from developed economies for decades, is back.
In August, for the euro zone as a whole, it soared to 3% over one year, after already 2.2% in July according to Eurostat.
In the United States, where growth has recovered faster and stronger than in Europe, prices are literally soaring: + 5.37% in August over one year.
For central banks, responsible for ensuring price stability, this is a real headache.
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At their annual Jackson Hole symposium at the end of August, the bosses of the world's major central banks all hammered out the same message: this waltz of labels is linked to passing phenomena.
Namely, the catching up of consumption after months of famine and the congestion of globalized production chains, which will naturally dissipate.
But the numbers are stubborn and this discourse is increasingly contested.
Even when removing the elements
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