Rising pressure on prices is likely to keep inflation at its highest level for more than three decades in many countries and cause long-term problems for central banks, warned the head of the Bank for International Settlements.
Agustín Carstens, general manager of the BIS, the umbrella body for central banks, pointed to a “new inflationary era” amid signs that price expectations of consumers and businesses are becoming “unmoored” from their historically low levels.
Rising expectations are likely to feed further inflation as companies pass on higher costs to their customers and workers demand higher wages, Carstens said, citing an increased risk of “a dangerous wage-price spiral”.
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