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Dynamics of Inflation

Monetary policy plays a key role in the determination of inflation. This is true, even if supply side shocks triggered the initial increase in the prices. While monetary authorities may have multiple objectives, they need to steer in a clear direction and prioritisation of objectives becomes essential. The primacy of price stability as an objective of monetary policy particularly in developing economies must be recognised. Our own experience with inflation in the last three years is a clear reminder of this.