We spoke a couple of months ago about your concerns that that inflation might be on the way. What's happened since then?

What's happened in the past two months is we're having an inflation car crash in slow motion. The latest figures that we're seeing in America, the Czech Republic and elsewhere suggests that inflation is getting worse because we're seeing an acceleration in prices in just this year. Because of the collapse in activity in certain service sectors last year and the complete pause in the March-May 2020 lockdown . . .



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