The return of inflation?

It seems odd to be talking of a return of inflation in 2020 : given rising unemployment, unsold inventories among retail companies and the fall in commodity prices, we expect to see and are seeing very low inflation. However, looking further ahead, it is important to examine the effects of: Some s tructural drivers of inflation: reshoring of production, population ageing; The negative supply shock that will hit OECD economies: disappearance of companies, lower productivity due to the new health regulations; Higher wage demands; The use of helicopter money-type economic polic y . The return of inflation would have dramatic consequences if it drove up long-term interest rates after a very long period of rising debt made possible by expansionary monetary policies.