Inflation is a word that once held terror for millions of people. In Britain, it peaked at 25 per cent early in the Great War and came within a few decimal points of that figure again in 1975, with punitive consequences. Granted that Britons never shared the experience of the Germans – a loaf of bread in Berlin that cost 160 marks in late 1922 cost 200 billion marks a year later – the heavy UK inflation rate in the 1970s was an onerous burden.