Critics of the Biden administration jumped on the report like football players piling onto a fumbled ball. But does high inflation by recent standards (what we’re seeing now is nothing compared to the 1970s — or the 1940s) reflect a failure of U.S. policy? Like the U.S. report, this estimate showed inflation hitting a much higher level than we’ve become accustomed to. But the European inflation rate, at 4.1 percent, was considerably lower than the U.S. rate. Well, I spent a good part of the past two days exploring various rabbit holes in an attempt to understand why European inflation is lower and ended up concluding that we should mainly stress the similarity of inflation experience.

Source: International New York Times November 12, 2021 21:14 UTC