world slowdown helped avert the worse, but inflation stayed high in many inflation targeting countries. This …After a long period of global price stability, in 2008 inflation increased sharply following unprecedented increases in … the price of oil and other commodities, notably food. Although inflation remained lower and growth higher in inflation …

This paper analyzes the monetary policy response to rising inflation in emerging and developing countries associated … with the food and oil price shocks in 2007 and the first half of 2008. It reviews inflation developments in a sample of … of inflation; provides a synthesis of policy responses taken against the background of the conflicting objectives and …