In the decade that followed the Great Financial Crisis, inflation rates remained low and steady, and in some cases even threatened to turn negative, as economies around the world struggled to recover.

This era came to an abrupt end in recent years following the double economic shocks of the Covid pandemic and Russia’s invasion of Ukraine. Many central banks and senior policymakers were caught on the back foot as inflation rates soared to levels not seen for nearly half a century in some countries.

Although rates have since come down from those highs, they are still proving tricky to completely get under control, causing concern among some observers. We explore what inflation is, where it comes from, what has been happening in recent years and what the outlook might be. Our panel includes Stephen D. King, author and senior economic adviser at HSBC, Vicky Pryce, chief economic adviser at the Centre for Economics and Business Research, Marieke Blom, chief economist and global head of research at ING and Manoj Pradham, author and chief economist at Talking Heads Macroeconomics.

Presenter: Tanya Beckett Producer: Ben Cooper Researcher: Katie Morgan Sound engineer: Richard Hannaford