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By Douglas McWilliams © Shutterstock / F Armstrong Photo Will food shortages send inflation soaring, like in the 1970s? If shortages cause inflation to hit 10%, it might cost 4% of GDP (gross domestic product) to get it back down again. Some readers will remember the shortages of the early 1970s, and specifically 1973 and 1974. My parents were furnishing a newly built house overlooking the first fairway of the Muirfield golf course in December 1973, and I vividly remember them having to get the furniture made in Malaysia and then shipped to the UK to enable us to have it in time for Christmas. © PA Wire/Press Association Images

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