The spectre of inflation once more stalks the world’s economy. Oil, food – and now, Christmas trees.

The German forestry industry talks of a “Christmas tree crisis”, with supply down and prices up by nearly a third. But it should hardly come as a surprise that Christmas tree prices fluctuate. Some of this season’s trees were planted when Helmut Kohl was chancellor, and John Major was prime minister. The world changes faster than the trees can grow, so we should expect occasional shortages and gluts.