The new inflation threat
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 20 May 2021
⏱️ 18 minutes
🧾️ Download transcript
Summary
Faster price rises are coming as countries recover from the pandemic. But how painful will it be for consumers and the global economy? Mohamed El-Erian, economic adviser and president of Queens' College, Cambridge, thinks central banks are already behind the curve when it comes to keeping inflation in check. Others believe the pandemic's impact on prices is largely temporary. Dana Peterson of the US Conference Board explains why. We also hear from restaurant owner Luke Garnsworthy. Now that England's third lockdown has mostly lifted, customers are itching to spend and he can't find enough staff for his kitchens. But, he says raising prices and wages isn't an option for him.
Picture: stock photo of a sad piggy bank and stack of coins (Credit: Getty)
Transcript
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| 0:00.0 | Hello and welcome to Business Daily from the BBC with me, Manuel Saragossa. |
| 0:06.0 | In this edition, the scary specter of rising inflation. |
| 0:10.3 | Literally the prices of everything is going up. |
| 0:13.3 | Copper, wheat, iron ore. |
| 0:16.5 | Even on the labour side, employers are having difficulty filling vacancies. |
| 0:22.0 | Governments are spending more than ever to fight the economic fallout of the pandemic. |
| 0:26.2 | There's also a global shortage of commodities and other goods. |
| 0:29.9 | So can central banks, like the one in the U.S., the Fed, keep a lid on an inevitable rise in prices? |
| 0:36.5 | The Fed has tons of tools, and I don't know why folks are thinking that they're out of tools. |
| 0:42.3 | We hear from both sides of the debate here in Business Daily from the BBC. |
| 0:52.7 | We've been waiting nearly six months to reopen the doors. |
| 0:55.8 | We cannot wait to welcome those first few guests in. |
| 0:58.6 | It's going to be an emotional moment, I'm pretty sure. |
| 1:01.3 | Luke Garnsworthy there. |
| 1:03.0 | This week, he once again welcomed guests to his two restaurants in Hertfordshire and Oxford |
| 1:07.8 | in England. |
| 1:08.9 | A big moment after almost six months of lockdown. |
| 1:13.0 | The excitement is massive and there's a really nice buzz all through the teams. |
| 1:17.5 | When I spoke with Luke, his chef and waiters were hard at work in the background. |
| 1:22.4 | We've got things like Cornish oyster, spring lamb is on the menu, there's a beautiful chocolate and passion fruit |
| 1:30.7 | and peanut dessert. The rest is very much a secret and people have to come and see it for |
| 1:35.8 | themselves. And get this, now that England's third lockdown has mostly lifted, Luke's |
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