Inflation may be one of the most common words in economics. It has pushed countries into long periods of instability. Politicians have won elections on promises to fight inflation, only to lose power when they failed to do so. Central bank governors often aspire to be known as 'inflation hawks'. In this context, Western research centers tell us that many aspects of inflation are not fully understood: why did some families suffer greatly while others barely felt its impact, or even benefited from it? How did the battle against inflation progress to the point where it was declared 'public enemy number one' in the United States by President Gerald Ford in 1974?
