One reason so many policymakers are refusing to panic about inflation is that the world economy is still short so many millions of jobs.
The global employment shortfall from the pandemic is predicted by the International Labour Organization to be 75 million this year. Nor does it expect the gap to be closed in 2022, when it reckons the world will still be 23 million jobs short of its pre-COVID-19 path even as economies rebound.
The Organisation for Economic Co-operation and Development echoes the warning, saying unemployment will remain above pre-crisis levels in many countries next year.