Products are seen in a supermarket, in Los Angeles, California, May 27, 2022.
Lucy Nicholson | Reuters
Tackling runaway inflation won’t be easy and it won’t be quick, and it may carry a steep price tag that is just beginning to be paid.
To stop 40-year highs in price increases, the economy will have to slow. The ability of producers to get their goods to the marketplace will have to get a lot better, and demand and supply will have to come back into balance. Most troublingly, until the Ukraine war settles, these factors will have a limited impact on fixing the economy.
Even under the best of conditions, a trend that has seen gasoline reach nominal new highs near $5 a gallon, the price of…