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Just because pandemic inflation is transitory doesn’t mean it’s going away anytime soon.
That’s the awkward conclusion that policy makers and investors are arriving at, as prices accelerate all over the world. European natural gas has climbed 25% in two weeks, and oil topped $80 for the first time since 2014. Fertilizers hit a record on Friday, which means food prices -- already at a 10-year peak -- will likely rise even higher.