US inflation has recently been surging and is now “trotting”. From Gerald Feldman’s description of Germany’s inflationary episode a century ago, one is struck by many similarities with today… US CPI inflation recently hit 7.9% - not only is this a 40-year high but it’s also a pace one might refer to as “trotting” inflation. If inflation keeps rising, we - or at least the Americans among us - might be about to experience “galloping” inflation.