To put things into perspective, in the United States, the Consumer Price Index grew 7.9%, the fastest pace since 1980s while the Producer Price Index (PPI) increased by 10% in February. For the UK, the PPI jumped by 10% in March, and inflation surged 6.2% – the highest since 1991. This was probably a little taste of what is in store in the following months.
EARLIER in the year, global economic prospects were promising as more sectors in the economy gradually reopened, more people were vaccinated, and mobility restrictions eased with economic growth steadily picking up despite a surge in Omicron-related cases.
This presents an ideal situation for any central bank to readjust its accommodative policy after supporting the economy throughout the pandemic.
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