The world over, central banks are under attack for not being able to control inflation. Almost all commentators are of the view that they are behind the curve and waited far too long to act.
In the US, the inflation rate has climbed to 9.1 per cent, the highest since 1981. In the UK, it is at a 40-year high of 9.1 per cent. In India, the consumer price index rate for June 2022 was 7.01 per cent.
One would recall that the inflation-targeting mandate of central banks got prominence in the developed countries of the West in the 1970s. The unusually
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