“The process is highly likely to involve some pain but the worst pain would be from failing to address this high inflation and allowing it to become persistent,” US Federal Reserve (Fed) chair Jerome Powell said at the European Central Bank’s (ECB) annual conference in Sintra, Portugal.
LISBON: Bringing down high inflation around the world will be painful and could even crash growth but must be done quickly to prevent rapid price growth from becoming entrenched, the world’s top central bank chiefs say.
Inflation is breaking multi-decade highs around the world as soaring energy prices, post-pandemic supply chain bottlenecks and in some cases red-hot labour markets are pushing up the cost of everything, and threatening to set off a hard-to-break wage-price spiral.
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