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John Authers

‘The End of the Beginning’ of This War on Inflation

Churchill’s famous assessment after El Alamein seems about right at this time, but remember that World War II didn’t end for another 30 months.

Winston Churchill sizing up the Alamein position in 1942.

Winston Churchill sizing up the Alamein position in 1942.

Photographer: Daily Herald Archive/SSPL/Getty

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Winston Churchill has a phrase for any occasion. After German troops were defeated in a pivotal battle at El Alamein in 1942, he commented that it was “not the end, not even the beginning of the end but, possibly, the end of the beginning.” That's probably a fair assessment of the state of the west’s war against inflation after a week that looked a turning point. War and killing dragged on for 30 months after El Alamein before Hitler was defeated, but with the Allies the increasingly likely victors throughout; and while the stakes aren’t that high this time, it’s fair to expect something similar for today’s global economy.