As the US inflation rate hit a 40-year high of 8.3%, I joined Monocle 24’s The Briefing on Thursday to analyze the economic and political effects.

I chat with Emma North about the causes of the price spike and the response of the Biden Administration and whether the issue will be decisive in November’s mid-term Congressional elections.

Listen from 1:55:

The political question is whether Biden is going to be able to say to the American people, “Look, this inflation is not because we’re incompetent, because of anything specific to the US, but is part of a global situation.”

For fans of Hitchhiker’s Guide to the Galaxy, the message is “Don’t Panic”.