In the United States, the run-up phase was significantly propelled – as we know with hindsight – by overly optimistic views about long-run earnings growth and, notably, exaggerated beliefs in the profitability of emerging technologies.
With global economic growth slowing, it is unlikely that the higher prices of food and energy will spill over into prices and costs more generally, but this  BIS Review 38/2008  1  risk is something central banks are watching closely. In other words, central banks are focused on keeping inflation expectations well anchored.