Inflationary surge is a global phenomenon today, but Modi’s India has done much better than others
FirstpostToday’s inflationary surge is global in nature and is being felt by most advanced economies, emerging markets and developing economies. Inflation in the US continued to surge to a massive 8.5 per cent in March 2022, after an equally steep rise of 7.9 per cent and 7.5 per cent in February and January 2022 respectively. Fuel inflation in the US rose by a whopping 32 per cent year on year in March 2022, while food inflation went up by 8.8 per cent YoY, in March. The UK’s annual inflation rate rose in March 2022 to a steep 7 per cent, up from 5.4 per cent in January 2022, the highest level since March 1992. Inflation as measured by the producer price index increased 8.3 per cent year-on-year in March 2022, after an equally steep rise of 8.8 per cent in February 2022, in China.