Inflation Beyond Monsoon and Repo Rate
Inflation in India is no longer solely determined by monsoon patterns and repo rates. A Trade Exposure Inflation Index is necessary to understand the impact of global economic forces on domestic inflation.
A monthly publication of this index would provide insights into the proportion of inflation that is imported versus domestically generated, enabling markets, analysts, and the public to make informed decisions.
Prices are no longer written solely in Nashik’s fields or North Block’s corridors; they are also decided by global economic forces, including distant ports, shipping lanes, and commodity exchanges around the world.
- Global disruptions and domestic conditions have significantly shaped India's inflationary trends over the past three years.
- A Trade Exposure Inflation Index would help identify the sources of inflation, facilitating more effective policy decisions.
Author's summary: India needs a Trade Exposure Index to understand inflation sources.
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