Global markets are in a tailspin. Since the beginning of the year, the S&P benchmark US equity index has fallen by around 17 per cent, and the tech-heavy Nasdaq index has fallen by 27 per cent. Asian equity indices show similar losses, albeit not as great as those in the US, but this is explained by base effects and the carryover from poor performance last year. Markets are worried about three separate but related factors: inflation, deteriorating data, and the ongoing war in Ukraine.  Let’s have a look at what’s happening with inflation. Inflation has risen around the world, particularly…

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