It’s easy to shrug off the current spike in inflation as temporary. Food prices, after all, tend to settle rather quickly once the weather calms and farmers take their cue. Energy costs, too, may begin to ease when the Middle East regains stability. So, why hike rates if the current price shock is bound to fade in a few, short months?

Because this isn’t your classic headline scare. In Asia, core prices are rising equally fast.

Take China: yes, January’s inflation print was a little lower than everyone had feared. But, worryingly, non-food inflation now outpaces food inflation. Elsewhere, the picture is much the same: over the last several months, core prices have soared across Asia. Therefore, the current bout of inflation will carry on for far longer than most recognise, and urgently needs the attention of the region’s central banks.