There is an inflationary tsunami coming. You can see it from a distance, and the financial horizon has already shifted as it barrels towards us. Almost everyone who is paying attention knows it, but to listen to the musings of government ministers, you would think it was little more than a slightly higher spring tide.

The most obvious signs are already here, with the jump in petrol prices, the constant refrain from companies having to pay up to get raw materials from grains to metals, and (non-Russian) oil supplies desperately tight. Oil analyst John Kemp says: “The most remarkable thing is not how high prices are at the moment but that they have not already spiked much higher.” Industrial users are threatening to shut down for fear of being bankrupted by the cost of fuel.