John Redwood asks: Is inflation really dead?

It is an upside down world after the credit crunch. The Japanese government openly wants to boost inflation after years of no price rises. The EU authorities, despite the German fear of inflation, seem pretty relaxed about its prospects for the eurozone and, if anything, fear deflation. Most expect them to try to loosen monetary policy this year, not to tighten. Even in the more inflation-prone US and UK economies, few are worrying about price rises getting out of control. In the UK, the main economic debate is about trying to boost wages, instead of the last century problem of how to...