In the US, the Consumer Price Index, a measure of inflation, hit a 40-year record, prompting the US Federal Reserve to raise interest rates by 0.75%. Inflation, however, is a global economic problem and in recent weeks the costs of goods and services have been surging in Europe, Asia-Pacific, and the developing world. What exactly is causing global inflation, and how can we tackle it? Economist Adam Posen offers his expert analysis and insights.