Elaine Byrne: Belt up for a bumpy ride as spectre of stagflation haunts coalition

War, Covid and supply chain disruptions have resulted in fears of a return to the stagflation of the 1970s. What can be done?

Mick Lynch, general secretary of Britain’s RMT union: tapping into broader frustrations over pay restraints and the cost of living. Picture: PA

It is more than 120 days since Russia invaded Ukraine and Vladimir Putin began his economic war on Europe. In a few short months, everything we have taken for granted at the petrol pump and supermarket checkout has been eroded. A war almost 3,000 kilometres from the Irish border has reduced our disposable income and living standards.

To underline the point, politicians and global institutions have been raising warning signals over the last couple of ...