Worry about quantities not prices

Too much macro commentary is focussed on the inflationary aspects of supply chain disruption. The real problem is output.

The headlines generated Rishi Sunak’s trip to the US for the IMF autumn meetings were, perhaps, not the ones he would have chosen. Most papers and news bulletins went with some version of “Chancellor confident Christmas presents will be available despite supply chain worries” which is right up there with “there is plenty of petrol, no need to panic buy”…