Asian supply chain disruption is fuelling Europe's inflation, says APG economist

American economist Milton Friedman famously said, “Inflation is always and everywhere a monetary phenomenon” — implying that it can only arise when central banks increase the supply of money.   Thijs Knaap, chief economist for APG Asset Management, believes Friedman is correct in the long term, but not about the inflation Europe is experiencing now.  “Inflation in the euro zone is what we call ‘cost push,’ meaning that actual goods and services have become harder to obtain becau…