Here’s a quick test: do you feel, in your bones, that we’ve entered into a new inflationary era or is this just a blip?

If you feel we’ve entered into a new inflationary era, you are an economic conservative. You may believe in secular inflation thanks to the following: Brexit, trade wars, de-globalisation, Covid and Ukraine, which have all created shortages in manufacturing, oil, and wheat that we are powerless to fix.