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This paper provides an overview of the multiple objectives assigned to competition policy in the current political debate, which is concerned with safeguarding the single market in the midst of a wave of “economic patriotism,” stabilizing general price levels amidst renewed inflationary pressures, and stimulating both structural competitiveness (the quality of goods and services) and dynamic efficiency (innovation). The paper starts by discussing this multiple objective approach by reminding readers that competition policy aims primarily at achieving workable competition for the sake of consumer welfare. It surveys empirical results reported in the literature, supporting the conclusion that increased competition, specifically in networked industries, lowers price levels once and for all. However, the literature also shows that a higher degree of competition increases price flexibility both downward and upward, making anti-inflationary policies more difficult to implement. Therefore, competition policy is not primarily designed to curb inflation in the short or medium term.