Donald Trump made many claims in his Davos speech yesterday and there aren’t enough pages in this newspaper to do justice to them all, but his assertion that “inflation has been defeated” is worth considering.

With midterm elections coming up Trump knows the cost of living is a real concern, just as it is here, and he wants to champion the taming of price increases as a major achievement. First things first, at 2.7 per cent the rate is still 35 per cent higher than the Fed’s 2 per cent target.

Still, it’s a long way from the post pandemic high of 8 per cent.........

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