Anand Venkataraman, is head of benchmark and indices, product management at Parameta Solutions, part of the TP ICAP Group.

“Those who  do not remember the past are condemned to repeat it.” George Santayana’s 1905 aphorism is still appropriate when deliberating today’s approach to the ‘i’ word — inflation — which is back with a vengeance for the first time since the dim and distant days of the 1970s.