Inflation Pressures Mount as Ageing Populations and Protectionism Threaten Decades of Low Prices

• Ageing populations to keep inflation high for years due to worsening labor shortages and higher wages • Rising protectionism also contributing to sustained higher inflation • Higher inflation and rates will make it very difficult for governments to maintain high debt levels • Markets pushed back expectations of rate cuts in US and UK due to persistent inflation • Fund managers believe ultra-low inflation and rates of the past 30-40 years are over