Many of the major central banks have repeatedly refused to raise interest rates in the face of rising inflation. The Federal Reserve, for instance, has acknowledged that inflation has increased notably. But it reckons that the price rises are only transient. So, it is not hiking rates. Likewise, the European Central Bank (ECB) has revised upwards its inflation outlook for both this year and the next, largely as a result of higher energy prices. Crude oil prices have almost doubled over the last 12 months. But the ECB thinks that price pressures will likely remain subdued overall. It too has kept its benchmark interest rate on hold. The Bank of England said it expects the consumer price index in the UK to pick up further and could breach its target of 2 per cent. It reckons that the inflation gauge might even exceed 3 per cent for a while. But it thinks that the inflation rate should fall back to around 2 per cent....