Inflation, War, and Oil: How Today's Crises Are Rehashing the 1970s

Consumer price inflation has risen to 8.3 percent in April 2022 in the United States and 7.5 percent in the euro area. This raises the question of who is responsible. In the US, President Joe Biden has argued that 70 percent of inflation in March is attributable to Russian president Vladimir Putin. The European Central Bank has suggested that the high inflation should be seen in the context of the pandemic and the Ukraine war. ECB president Christine Lagarde sees steeply rising energy prices as unrelated to the monetary policy of the ECB. But is inflation only due to the war and the pandemic? Read Prof. Dr. Gunther Schnabl's article for the Mises Institute.