Is Powell too late in declaring war against inflation?

WITH inflation skyrocketing 7.9 per cent over the past year, according to the February report from the US Bureau of Labour Statistics, the fastest rate of inflation since June, it is not surprising that all the major players in Washington are engaged now in the usual blame game.

The trick in this game is to ensure that the adjective that comes before the term "inflation" refers to your political rival, like "Biden Inflation" or #Bidenflation. That is exactly what the Republicans have been doing in recent months, hoping that voters would blame the president and his Democratic Party for the rising gas and food prices, and punish them in the November midterm election.

Moreover, if the inflation rate remains high next year, President Biden could end up politically doomed as he gears up for the 2024 presidential race.