persons  United States  120  60  Europe  55  India  100  s.a., DI  Latin America  50  Other emerging economies  80  45  60  40 35  40 20 0 Feb.1 /20  30  Manufacturing  25  Services  20  Aug.1  Feb.1 /21  Aug.1  CY 07  Feb.1 /22  09  11  13  15  17  19  21  Note: Figures for manufacturing are the J.P.Morgan Global Manufacturing PMI.
While this is above the target band of 2.0 to 4.0 percent—driven by supply issues concerning food and energy items—central bank estimates show that inflation will ease toward the midpoint of the target range next year and in 2023. The country’s gross international reserves (GIR) remain hefty at $ billion as of end-October this year, equivalent to 10.8 months’ worth of imports.