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Rate-setter plays down inflation threatCatherine Mann, a former Citigroup chief economist and the latest recruit to the Bank of England's monetary policy committee, has insisted the world economy will avoid a 1970s-style inflation crisis despite mounting evidence of soaring prices and product shortages. Ms Mann told an Australian conference that rising oil prices were less of a threat now and firms were more reluctant to hit households with price increases, while the link between inflation and wages had diminished in recent times.

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