As you all know by now, the decade of below-target inflation swiftly came to an end in the course of 2021. Our economies rebounded from the pandemic with households disbursing their growing deposit balances, but also with supply still severely constrained after a long period of pandemic contagion measures. Headline inflation approached an unprecedented 5% already in 2021.  The unconscionable war in Ukraine, and the associated pressures in energy and food supply then pushed headline inflation into unprecedented double-digit territory in October and November last year, and to 8.4% for 2022 overall. […]