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Rising inflation: unless we act now, it will not be temporary

By Alexander Tziamalis, Senior Lecturer in Economics, Sheffield Hallam University

Consumer price inflation in the UK rose by 3.2% year on year in August, the highest annual rise in nearly a decade. This was 1.2 percentage points above the July number, making it the biggest month-on-month rise since records began in 1997. Inflation is also an issue far beyond the UK: in the US, it is currently running at 5.3%, for instance.

Bank of England…

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