Inflation is toxic. Almost nobody likes it (debtors being a possible exception). In political terms, it is more damaging than unemployment. Even when jobless rates hit highs in the depths of recessions, the vast majority of the workforce remains in gainful employment. When prices of the goods and services that everyone uses jump by a fifth, as they have done over the past three years, everyone is affected. The current bout of inflation has been particularly toxic as it came during a miserable pandemic. It was also hard for people under 60 who had never in their adult lives experienced…

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