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Inflation functions as a tax on the weakest

Serious shortages are taking hold of the essential elements of life

| Europe
Russian soldiers guard fields of wheat in the southeast Ukrainian region of Zaporizhzhia on June 14: The current economic crisis is not mainly linked to an excess of demand but to insufficiency of supply.   © AP

Jacques Attali is a writer, the president of Positive Planet and the president of Attali and Associates. He served as a counselor to French President Francois Mitterrand and was the first head of the European Bank for Reconstruction and Development.

Inflation, which was thought to have been definitively vanquished 10 years ago, to the point of living with negative central bank interest rates, has recently reemerged on a massive scale. And there are not a few countries that will see price rises of 8% or more in 2022. Moreover, despite the optimistic speeches of officials, there is no guarantee that it will not be worse in the future.

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