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(Bloomberg) Many central banks are starting to withdraw the emergency stimulus they introduced to fend off last year’s pandemic recession. With inflation accelerating, the Federal Reserve is set to slow its asset-purchase program, while peers in Norway, Brazil, Mexico, South Korea and New Zealand are among those to have already raised interest rates. Behind the shift are signs that the recent inflation scare won’t fade soon amid supply chain strains, surging commodity prices, post-lockdown demand, ongoing stimulus and labor shortages. Complicating the task for policy makers is that growth may be slowing, prompting some to warn of a stagflationary-lite environment. That puts central bankers in a bind as they debate which risk they should prioritize. Targeting inflation with tighter monetary policy adds to the pressure on economies, but trying to boost demand may ignite prices further. For now, the feeling of many is that inflation has lingered longer than most predicted. As Huw Pi

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