Inflation is surging across the world. Everyone following this, including professional economists specialising in the forecasting of inflation, are, somehow, surprised. Inflation is a rise in the general price level. In Ireland prices are rising mainly on individual elements that make up the basket of goods and services we measure to figure out the general price level, particularly elements like energy. Ireland has no choice as an importer of fossil fuels – it takes the market price as given and firms pass those price increases on to consumers. If you put kerosene in your home’s oil tank, you will see…

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