The great inflation conundrum that policymakers must resolve

"Until a few months ago, inflation talk was little more than a murmur: dry data from the statistical office, reports tucked away in the newspaper, and an occasional commentary. Now the discussion is urgent, as news of rising price levels comes in from economies around the world, including Argentina, Brazil, Turkey, India, and, most importantly, the US."

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Kaushik Basu thinking and looking off into the distance