Consumer prices across the rich world are rising by more than 9% year on year, the highest rate since the 1980s. Paul Krugman, the Nobel prize-winning economist, talks to host Anne McElvoy and Henry Curr, The Economist’s economics editor, about how governments and central banks should respond. We also ask if a recession can be avoided, and whether the era of big government spending is over. Please subscribe to The Economist for full access to print, digital and audio editions: www.economist.com/podcastoffer   See acast.com/privacy for privacy and opt-out information.