The Scotsman - Inflation may top 3% but we are a long way from the 1970s

George Kerevan, writing for the Business section of The Scotsman, looks at the present state of the economy, with an eye on what's different compared to the 1970s. (For those of you who didn't live through the 1970s, inflation was a bit staggering in those days. As he says, UK inflation in the '70s averaged 13 per cent a year. In 1975, it hit 27 percent.) Kerevan looks at what's likely to protect us these days from that sort of inflation, and where we still need to be a little worried. (I'm assuming that although he's writing with a UK focus, much of this applies to the US as well. I'm also assuming that the UK's economic health is important to America.)