Coming ahead of the MPC meet this month, there is nothing redeeming about the latest inflation data.
Every cloud has a silver lining, goes the old saying. Not so, it would seem, when the cloud on the horizon is inflation. Monday’s data on retail inflation for August in India (7%) and Tuesday’s data on inflation in the US for the same month (8.1%) confirmed what many have feared for a while now. Even as the debate has shifted from the erstwhile fixation with whether inflation was transient or permanent to the new issue of whether it is structural or cyclical, what is beyond dispute is that the battle against inflation is unlikely to be won quickly or easily.
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