The politics of inflation have changed – and the pressure is on

Voters now hate inflation. They are frightened and angry, and politicians will get the blame, writes Hamish McRae

The biggest increases are in food and fuel, both of which account for a larger part of the household budgets of poor families than they do of wealthier ones (PA)

The economics of inflation remain confused. but the politics have become abundantly clear. Economists and central bankers are still debating how far inflation will rise, and how best to tackle it. Some central banks, including the Bank of England and the US Federal Reserve have started to increase interest rates, whereas others, notably the European Central Bank, have not.

But there is no debate to be had about the politics. Voters hate it. They are frightened and angry, and politicians will get the blame. Support for Marine Le Pen this weekend seems to have risen thanks to her attacks on the rising cost of living in France, whereas Emmanuel Macron appears aloof to the worries of ordinary people.

In the US, the Democrats are under pressure, with Joe Biden slumping in the polls. And here in the UK, a sense that the wealthy are not so damaged by inflation as ordinary people may have contributed to the pressure on Rishi Sunak, and the sense of outrage over his family’s tax arrangements.