Professor Charles Goodhart, a Pacemaker Advisor, started warning about resurgent inflation four years ago when he was writing The Great Demographic Reversal with Manoj Pradhan. This week he is warning that stagflation looms for years ahead because central bankers have ignored inflation too long and are still 'behind the curve' in normalising interest rates and reversing liquidity support operations. He is also concerned that the energy, food, and fertiliser trade disruptions from the conflict in Ukraine will further spur inflation into 2023 and 2024.