Inflation is like toothpaste..........
I am a no inflation guy as you know. I believe that there is a spare capacity in the world, too much of everything, if there is no impediment to commerce forget long lasting inflation. This graph is a trade not a long term trend.
Of course if there is a change in the psych of people this guy (below) might have the day. Today the mindset is next year it will be cheaper. I don't think it will change.
As Karl Otto Pohl, Bundesbank boss in the 1980s, put it: “Inflation is like toothpaste. Once it’s out of the tube, you can’t put it back.”
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