Inflation is back. And this time the effects could be much worse | Patrick Collinson
by Patrick Collinson from on (#35A84)
Consumer prices are at a five-year high - and rising. If you're young, you may be OK. For the rest of us, it could be a nightmare
In 1972 my father bought a home on the south coast of England for the shockingly high price of 11,500. His mortgage was 8,000, or a little under three times his salary. Within a few years, galloping inflation had sparked the near collapse of the British economy, a run on sterling, and an IMF bailout. Yet by 1980 the ravages of runaway 1970s price rises had somehow left my father, and many like him, a fair bit better off.
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