Rising Inflation: Lessons from India’s response to rising inflation in recent history

Sameer Kumar
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Sameer Kumar: Department Asia-Europe Institute, University of Malaya, Malaysia

International Journal of Research and Innovation in Social Science, 2022, vol. 6, issue 9, 01-04

Abstract: This paper examined inflation, its causes, and, as a case study, the reason for the year 2008 inflation rate increase and India’s response to combating the same. From the year 2000 until the end of 2007, India’s inflation rate remained relatively stable between 5 and 7 percent. Although the Reserve Bank of India had set a target inflation rate of 4.11 percent for 2008, the inflation rate skyrocketed, shocking everyone. Recent inflation rate growth has kept India’s central bank, RBI, on edge. This article examines the dynamics of inflation, the reason for its sudden rise, and India’s response to containing inflation. Speculation in the markets, a lack of food products, a rise in global prices, and an overabundance of money are discussed as some of the major causes of India’s rising inflation rate. We also discuss the inflation of 2022, which is caused by a variety of factors, such as supply chain disruptions caused by the Covid-19 pandemic and the Russia-Ukraine war.

Date: 2022
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