Thatcher famously proclaimed that inflation is the parent of unemployment. But as shop prices soar, energy bills rocket, and interest rates rise, we’ve all become more aware of the everyday impacts of inflation. So how unique is the crisis we face now? Director of the LSE and former vice-president of the World Bank Baroness Minouche Shafik joins Ros Taylor to unpack inflation.

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“COVID has caused upward inflation because of how it has affected global supply chains.”
“The Bank of England can only control the demand, not supply, side of the economy.”
“To get inflation under control, you have to have a period of restraint.”
“Inflation is a regressive tax on the population that hurts the poor most.”
“There's more room to grow in encouraging women in work.”
“Rich countries spend 10% of their income on food. Poorer countries spend as much as 75%.”
“The last time we had an economic crisis, we saw mass unrest.”
“The term recession is used very loosely. But regardless, we have a difficult year ahead.”

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Written and presented by Ros Taylor. Producers: Jacob Archbold, Jelena Sofronijevic and Alex Rees. Assistant Producer: Kasia Tomasiewicz. Music by Kenny Dickinson. Audio production: Robin Leeburn. Lead Producer: Jacob Jarvis. Group Editor: Andrew Harrison. THE BUNKER is a Podmasters Production

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