Recent inflation prints in developed markets, and also in some emerging market economies, have given central banks cause for concern. In the US, headline inflation for October printed at 6.1 per cent year on year – its highest print in over 30 years. US core CPI, which strips out volatile food and energy prices, printed at 4.5 per cent year on year. Both prints were well above the Fed’s two per cent inflation target – albeit the US Federal Reserve is now apparently following an average inflation targeting framework, where future modest inflation overshoots will be tolerated to compensate for…

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