This report covers the prospect of rising inflation, and how members can manage the risk. Inflation has for many years now been low and stable. It seems unlikely that members place it at the top of the list of exposure risks they face. While we don’t know whether a benign inflation environment will continue, there is now greater uncertainty around the outlook for inflation than there has been for some time. The COVID-19 public health crisis and the measures taken to mitigate it whose range and scale has been unprecedented. We take a look at historical inflation in the United Kingdom from 1969 to early 2020 discuss ways of managing risk of higher inflation.