In The Netherlands, prices are rising at an annual average of 7%. The government resigned last June after failing to check prices, and it scheduled an election for next month.

Americans who complain about the high cost of living can take some solace by looking at Western Europe. There, prices are rising almost twice as fast as in the U.S. Like a pernicious plague, inflation infests the whole Continent; it is damaging living standards and shaking governments. The annual rate…