Could the Middle East conflict open the door to price controls? Here’s how it works in Greece

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The US-Israel war with Iran has sent shockwaves through the global economy and predictions of COVID‑era inflation are becoming hard to ignore. In many countries, these pressures are already being felt, as households struggle to afford essentials.

During and after the height of the pandemic, governments across the political spectrum experimented with price controls in a bid to protect people from soaring living costs. Spain and Mexico, for example, implemented such...