How much to worry — and not worry — about inflation

When it comes to fears about the economy, inflation is the new monster hiding under the bed. But there isn’t a real consensus among economists about just how concerned people should be about inflation — and how likely it is to show up. The economy has started to get a little warmer, but inflation isn’t spiraling out of control.

There’s a smallish but growing chorus of economists and policymakers sounding the alarm about inflation. They warn that a combination of government stimulus and the impending economic snapback will cause prices...