Prices are rising. Money is worth less than it did a month ago, and a lot less than it did a year ago. Central banks, who have the ability to reverse inflation by raising interest rates, have been slow to react. They worry that higher interest rates can trigger a recession. But the effects of inflation are a lot more destructive than those of a recession, argues Eammon Butler.

Our financial authorities seem to think that inflation is nothing to worry about, and is far better than falling economic growth and recession. They are wrong. Inflation is the most universally destructive force known to economics.