After 10 consecutive months of negative inflation in 2020, the Consumer Price Index (CPI) shot up from -0.25% in January 2021 to 4.68% in April and subsided to 2% four months later, only to rise again to 2.91% in October. Core CPI has also gone up from 0.58% to 0.66% in the same period; higher but not by much.“Persistent”, as opposed to “transitory”, is a better word to describe inflation right now.
INFLATION is a severe economic woe of late as it is no longer “transitory” as initially claimed.
So, should the government intervene now to tame rising prices? Perhaps not so soon. Since many variables are not within the government’s control, no amount of price intervention would ever suffice to fight inflation.
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