Troublesome global inflation disappeared as the world economy imploded in late 2008, but price rises are again being feared around the world. Dwindling concerns of deflation encouraged Australia to raise interest rates on Tuesday for the fifth time since October.
British motorists certainly know prices are up. Last month it cost 28 per cent more to buy a litre of petrol than a year earlier. And what feels bad for drivers in London is also beginning to cause concern in other parts of the world.
The flash estimate for the eurozone showed inflation jumping to 1.5 per cent in March from 0.9 per cent in February; Chinese consumer inflation rose to 2.7 per cent in February from 1.5 per cent in January; and in India, the central bank raised interest rates in response to February's main inflation figure surging to stand below a double-digit rate at 9.89 per cent.