In 2021, as the Covid-19 pandemic abated, global inflation rates began to rise. A year later, they peaked at 8.7% (IMF, 2023), with higher rates observed in the US, UK and Eurozone (Galeone and Gros, 2023). The inflation crisis, as it was dubbed, divided mainstream economic opinion regarding the key macroeconomic drivers and correct policy responses to stabilise price levels.