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Hello and welcome to the programme.

Now we thought we should talk about inflation this week.

It is all over the news after all.

But to be honest, you can't talk about inflation without talking about everything.

The whole economy right now.

The shocks and knocks that have been pummeling us,

the energy price rise, the labour shortages, pandemic-induced supply chain disruption and Brexit,

that chip shortage in the car industry that works. These have contributed to what has been

called a cost of living crisis, higher prices, merely one of the

mechanisms through which the cut in living standards is being delivered to us. We also have a tax

rise coming, interest rate rise to, all of those part of one big story. So what we hope to do

today is to connect the different pieces here to understand what

is going on, what we should do about it and where it might end. And I'm joined by three

economists. Sounds like the beginning of a joke, but it isn't. It's seriousness of purpose here

today as we work through the current situation. My guests are Dr. Jennifer Smith,

Associate Professor of Economics at Warwick University,

Professor Michael McMahon of Oxford University,

and Sinali Penhani, UK chief economists at Credit Suisse.

Thank you all three of you for joining us today.

And I think we should start by talking about the shocks that the economy is faced.

And Jennifer, I know that you are a specialist in labour market economics and wages.

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