William M Martin, former US Federal Reserve chairman, had observed, 'Inflation is a thief in the night and if we don't act promptly and decisively, we will always be behind.' There are two parts to this observation. One, that inflation reduces well-being by reducing purchasing power amounting to 'theft'. Two, that timely and strong action needs to be taken to deal with inflation.
Read more here.
Published in The Economic Times
January 4, 2022