The developed world is currently crazy about inflation but take a close look at some of the emerging and frontier market inflation numbers. Inflation is out of control as measured by free-market exchange rates from the Steve Hanke's website, Hanke's Inflation Satellite.
Showing these numbers does not diminish the problem in the US or other DM markets, but it does show that prices can get out of control if there are not strong institutions and governments that have the desire to control inflation excesses.
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