Economics used to offer lots of metrics that claimed to show when growing economies were approaching some kind of speed limit. But increasingly, inflation is the only one that’s taken seriously.A lasting surge in prices would likely convince policy makers that it’s time to tap the brakes on expansionary measures adopted in the pandemic, like high public spending or low borrowing costs. That’s why Tuesday’s consumer-price data in the U.S. will be so closely watched -- though it’ll take more than a single month’s numbers to change minds. Meanwhile -- as part of a profound shift in economic thinking that’s gathered pace ... (full story)