A welcome revival: Inflation is on the way back in the rich world, and that is good news

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After two years of unduly low inflation in the rich world, things are picking up




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A welcome revival




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Inflation








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Equipping people to stay ahead of technological change




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A welcome revival






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IT WAS telling that Germany, a country with a phobia of rising prices, in the first week of 2017 reported a jump in inflation. Its headline rate rose from 0.8% to 1.7% in December. After two years of unusually low price pressures, inflation across the rich world is set to revive this year. Much of this is because of the oil price, which fell below $30 a barrel in the early months of 2016 but has recently risen above $50 (see chart). Underlying inflation, too, seems poised to drift up. That is good news. The story for 2017 is not of ...