In particular, there have been a number of significant upside price shocks caused by exogenous factors outside the realm of monetary policy. In 1999 and 2000, and again in the years from 2004 to 2007, there was a rapid increase in the world price of crude oil. In 2001 there was a sharp acceleration in food prices.
We are currently facing rapid increases in both the price of crude oil and other commodities and rising food prices at the same time.