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 …

higher food shares in CPI baskets, fuel intensities, and pre-existing inflation levels were more prone to experience … scores seem to have contained the impact of these shocks better. The effect of the presence of inflation …