This chapter explores the historic return of inflation in 2021 and the response by central banks and policymakers. It discusses the political and distributive foundations of inflation and inflation management. Despite the burdens of inflation being shouldered by working classes and citizens, undermining the affordability of basic goods from food to housing and energy, the chapter focuses on the limited avenues these populations have in shaping inflation management and the extraordinary power held by central banks. It examines how central banks uniformly raised interest rates to drive up unemployment and suppress ostensible demand-side pressures associated with rising wages, reflecting the continued importance of the legacy of the 1970s in shaping central bank monetary policy. The chapter concludes by assessing the relationship between inflation and capitalist crisis and asking what the toleration of rising asset prices and suppression of wages tells us about capitalist crisis management today.