With inflation in Ireland running at the highest rate for a decade and – in a not-unrelated development – interest rates on the turn again, it’s time to stand back and consider what lessons the experience of past decades might offer as to what is in store on this front.  Thus far, the surge in inflation pales into insignificance when compared with the two oil-crisis-driven waves of the 1970s. In 2022, average prices are likely to be about six or seven per cent higher than last year, and even the more pessimistic of the official forecasts, namely that of the…

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