From Melbourne to Manchester to Miami, people are struggling under the weight of hefty price increases for the things they buy each day.The worst spike in inflation that many advanced economies have seen in decades underscores the global forces driving prices higher, namely the disruptions set in motion by the coronavirus pandemic.The stakes are high for policymakers around the world, who are facing similar problems. To try to get inflation under control, central bankers have rapidly lifted interest rates, trying to slow their economies in hopes of cooling prices.If they fail to bring inflation under control, it could result in a destabilizing period of spiraling prices. Higher and less predictable inflation would squeeze families and businesses and make it harder to plan for the future.But if economic policymakers react too aggressively — and all at once — it could crimp global economic growth to a painful degree. That could raise the risk …
