The CPI in India in November 2021 was close to 5%, while the core inflation was above 6% and WPI above 14%. Not only in India, but globally inflation is high. In the US, it is above 6%, well above their target of 2%. So, inflation is back globally for the first time in decades, but this time it could be different. What should central banks, particularly those in emerging market economies, do?
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