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But adjusted for inflation it lags some way behind.
Inflation, it is hoped, will stay within manageable bounds.
Adjusted for inflation, it is now worth only 11.5 cents.
Inflation, it says, made the project more expensive.
Higher inflation, it seemed, went with lower unemployment.
Now, with inflation, it would cost several years' wages.
(Adjusted for inflation, it would be a whole other story).
But factoring in China's higher inflation, it has gained about 13 percent.
So, even if the ECB cared only about inflation, it should now be nudging rates higher.
But while oil pushes up headline inflation, it also eats into consumer spending.
While theoretically capital gains could be indexed for inflation, it would be very complicated.
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