THE INFLATION MONSTER RETURNS

Inflation has been making a comeback, and its impact may be greater than you realise. Anet Ahern, chief executive of PSG Asset Management, says: “Not so long ago, it seemed that we had vanquished

(at least in the developed world) this sneaky foe of long-term wealth creators everywhere, thanks to tightly controlled central bank policies and the wonders of inflation targeting. Despite a post-financial crisis experiment called quantitative easing and pro-longed record low (even belowinflation) interest rates, perhaps the inflation monster had been beaten after all…”