Inflation might surprise us again in the short-term – but it’s here to stay

Central banks may keep telling us that inflation is transitory, but the reality is that we're in for a period of structurally higher inflation. John Stepek looks at what central banks might do next, and how you should rethink your portfolio.

Woman buying food in America
US inflation has hit a 30-year high
(Image credit: © Joe Raedle/Getty Images)

Just before I get started this morning, some very exciting news. We’ve got Nick Train speaking at the MoneyWeek Wealth Summit this year. If you haven’t already booked your ticket, then now’s the time to nab it.

We’re doing it virtually this year – I’m hoping we can go back to seeing each other in person next year but at the same time, it does make it a lot easier to attend for everyone who doesn’t have London on their doorstep. So book your ticket now!

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John Stepek

John Stepek is a senior reporter at Bloomberg News and a former editor of MoneyWeek magazine. He graduated from Strathclyde University with a degree in psychology in 1996 and has always been fascinated by the gap between the way the market works in theory and the way it works in practice, and by how our deep-rooted instincts work against our best interests as investors.

He started out in journalism by writing articles about the specific business challenges facing family firms. In 2003, he took a job on the finance desk of Teletext, where he spent two years covering the markets and breaking financial news.

His work has been published in Families in Business, Shares magazine, Spear's Magazine, The Sunday Times, and The Spectator among others. He has also appeared as an expert commentator on BBC Radio 4's Today programme, BBC Radio Scotland, Newsnight, Daily Politics and Bloomberg. His first book, on contrarian investing, The Sceptical Investor, was released in March 2019. You can follow John on Twitter at @john_stepek.