How big of a threat is the soaring global inflation?

US consumer prices rose 6.2 percent last month compared to October 2020 – a 30-year high. It’s made markets nervous that the Fed could tighten monetary policy sooner than expected. Much of the surge was seen in energy prices, but food prices also rose sharply. Meanwhile, in Japan, producer price inflation has hit its highest level in more than 40 years, with wholesale prices surging as a result of high commodity and fuel prices. The data means the world’s four largest economies – the US, China, Japan and Germany – have all reported record inflation numbers for October. Economists, politicians, Central Bank leaders have been insisting that the current inflation is temporary, but does this data change that view?