Speaker — Yulia Vymyatnina.
For several decades recently most economies, especially those of well-developed countries, got used to very low inflation. This period of remarkably low price increases was unprecedented, and some explanations of the trend were offered. Some economists suggested the policy of inflation targeting as one of the main causes of low inflation and concluded that as this policy becomes more widespread, the trend for low inflation will continue. However the last few years saw the reversal of this trend on a global scale. Explanations for increasing inflation in the last few years include such obvious issues as logistic troubles related to COVID-19 restriction or problems with crops of various agricultural products due to unusual weather conditions. But some economists discuss other, much more long-term factors of inflation that make this change of inflation trend much more persistent in the long-term.