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Global Inflation: How Big a Threat?

Andrew Sentance

Bank of England


Bank of England Quarterly Bulletin, Quarter 3, 2008

In this speech, Andrew Sentance, a member of the Monetary Policy Committee, discusses the origins of the recent change in the global inflation climate, whether the change in trend is likely to be sustained and the implications for monetary policy. He highlights the stronger inflationary impetus from goods traded on global markets in recent years, reflecting strong growth in developing and emerging markets. Though the major developed economies are better placed to deal with the current round of price shocks than during the 1970s, emerging market and developing economies may be more vulnerable. But avoiding the mistakes of the 1970s, when high inflation became deeply ingrained and embedded in behaviour and expectations, is likely to require a squeeze on spending and incomes - with consequences for economic growth in the short term.

Number of Pages in PDF File: 8

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Date posted: October 1, 2008  

Suggested Citation

Sentance, Andrew, Global Inflation: How Big a Threat? (2008). Bank of England Quarterly Bulletin, Quarter 3, 2008. Available at SSRN: https://ssrn.com/abstract=1275794

Contact Information

Andrew Sentance (Contact Author)
Bank of England ( email )
Threadneedle Street
London, EC2R 8AH
United Kingdom
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