If inflation were a living person, they might respond with the famous words of Mark Twain: "The reports of my death are greatly exaggerated." The recent spike in inflation is being driven, for the most part, by the aftermath of the pandemic and the war in Ukraine. But the future path of inflation also depends on the inflation expectations of economic agents.
What are the causal factors – global and domestic as well as supply and demand? I will conclude with some thoughts on managing the inflation dynamics on the way forward. Is India an outlier in the inflation performance among major countries? It is important to appreciate the global backdrop in which we are experiencing a resurgence of inflation now.