The Yiddish phrase “farshlepteh krenk”, untranslatable into English, describes an illness that just won’t go away. That is how some countries’ experience of inflation has felt. The rate of price rises has fallen since 2022, when across the OECD, excluding Turkey, it rose to 11%, its highest since the 1970s. In June average inflation across the club of mostly rich countries was 2.5%, only a smidge above most central banks’ targets. But many Anglophone countries still have lingering symptoms.