A Covid-19 Vaccine Could Unleash Pent-Up Demand, Bringing Along Inflation

Inflation could be poised for a comeback.

Some economists are starting to embrace the idea that a prospective Covid-19 vaccine could allow people to once again spend money on travel, restaurants and other services—and drive up prices in the U.S.

That would be a change from the past 10 years, when inflation rarely hit the Federal Reserve’s 2% target despite a strong economy and low unemployment. It would also test the central bank’s new framework, which calls for periods of inflation above that level after stretches, like the current one,...