Minor pedantic point: prices (or specifically, the consumer price index) rose 7.5%, not inflation. It IS 7.5% YoY and did not rise 7.5%. (Sorry, switching off

Minor pedantic point: prices (or specifically, the consumer price index) rose 7.5%, not inflation. It IS 7.5% YoY and did not rise 7.5%. (Sorry, switching off Man-Shouts-At-Cloud Mode). Inflationary expectations are definitely getting reanchored at a higher level, so it's hard to see an easy/painless exit. Helps deflate the debt/GDP ratio though (it's nominal GDP in the denominator, which includes inflation), so some folks will be happy.