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US inflation figures rose to 4.2% in April, an eleven-year high © Chronis Yan I do not think it is an exaggeration to say history is largely a history of inflation, the Nobel prize winning economist Friedrich von Hayek wrote in 1978. Is price-based history about to rhyme or to be insignificant? In April, US inflation figures confounded analysts by rising to 4.2%, an eleven year high, while the UK s inflation rate more than doubled. Fear of price rises have been growing with the after effects of the virus lockdowns due to supply constraints and pent up demand. Reflecting this, commodity prices and bond yields have been rising from their low points in April and July 2020 respectively. Both are now above their immediate pre-pandemic levels, in the first instance significantly so. Prices of commodities such as lumber, copper, iron ore, corn and semiconductors have gone through the roof, now with much higher costs for hotels, cars and tickets. That is in con

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