U.S. inflation continued to accelerate in March, as the Consumer Price Index (CPI) soared to an annual rate of 8.5 per cent, hitting its highest level since December 1981, the country’s Labor Department reported on Tuesday.

A lot of people believe that inflation in the U.S. is dead or, if not dead, in a state of suspended animation for the foreseeable future. They could be setting themselves up for an unpleasant surprise.