Inflation has picked up over the past year or so, but from very low levels and with much of the overall acceleration attributable to an increase in energy prices that should not be repeated any time soon.
Governor Subbarao will now take you through some specifics, laying out what is meant by trilemma, how it differs from the Old trilemma, the various conflicts that might arise and how best we can attempt to manage these. 4  BIS central bankers’ speeches