RECENT inflation data is worrisome. After months of a tight monetary stance and a contractionary fiscal policy, a bounce in already elevated inflation has placed a crushing burden on households, rocked the financial markets, and stunned the government. Headline CPI inflation for January has spiked to over 14 per cent year-on-year, a multi-year high, with food inflation surging to 19.5pc for urban consumers and 23.8pc for rural households. For ...

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