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Individual countries is also a function of two things. what were the initial conditions, and how have central banks and governments reacted. that is why you have a huge range of outcomes when you look at not just what inflation is today, but one inflation will be tomorrow and the day after. should we wait for things to improve in ukraine in order to bring inflation down? no. if we do, inflation will be entrenched in the system and we will repeat the very difficult time of the 70s where we not only have an inflation problem, but also have a growth problem. so let's hope that things get better, ...

Much the case any more. that means paying at home, household budgets squeezed, more poverty and hunger and homelessness. but also the point is it is affecting everything will household, and the question is this. when you have that, does an inflation problem turn into a growth problem and cause a recession? 0ur political correspondent nick eardley is in westminster. the government have said they are ready to do more on multiple occasions — when? that is the big question. the prime minister has been saying in the last hour that everybody knows that more support is coming. the question is how e...

Than months to come back down again. the forecast of the bank of england is that it will only take months. the reason is important. in the late 70s, unions, workers had big bargaining power in order to match their wage rises with the inflation rises. not so much the case any more. that means pain at home, household budgets are squeezed, more poverty, hunger and homelessness but also the point is it�*s affecting every household and the question is, when you have that, does an inflation problem turn into a growth problem and a risk of inflation? so how are you trying to cope with the big incre...

With higher energy costs, have not been seen for a0 years in this country, since march 1982. the lesson of history is that when inflation gets to these levels, it takes years to come back down again, as it did in the 19705 and nearly did in the 1990s, not the months currently predicted. it's not just about the worst inflation figures for decades. this problem is so broad—based, affecting every single household in the country, either in the extraordinary monthly direct debits that energy companies are asking customers to pay or in prepayment meters. it's not a pinch, it's not a squeeze, it's ...