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Ms. Divya Pandey Subject: Economics BA.LLB(H) Section A Roll: A3211111046 Aakash Khatri Course:




 Inflation

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How inflation is measured?

 Causes of inflation  Effect of inflation  Current Inflation Status 13  Review of Inflation in India  Methods to control

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Inflation can be defined as a rise in the general price level and therefore a fall in the value of money. Inflation occurs when the amount of buying power is higher than the output of goods and services. Inflation also occurs when the amount of money exceeds the amount of goods and services available. As to whether the fall in the value of money will affect the functions of money depends on the degree of the fall. Basically, refers to an increase in the supply of currency or credit relative to the availability of goods and services, resulting in higher prices.

clothing.Therefore. the producer price index (PPI) and the consumer price index (CPI) which is also known as the cost of living index number. 4 . The "bundle. inflation can be measured in terms of percentages. gasoline. The CPI is a measure of the price of a set group of goods and services." as the group is known. there are two main indices used to measure inflation. or the CPI. contains items such as food. However. as a rate per cent per unit of time. which is usually in years. HOW INFLATION IS MEASURED? Inflation is normally given as a percentage and generally in years or in some instances quarterly and is derived from the Consumer Price Index (CPI). The two basic price indexes are used when measuring inflation. The percentage increase in the price index. The first is the Consumer Price Index.

or the PPI. The PPI measures how much producers of products are getting on the wholesale level. i. there has been a 5% annual rate of inflation over that period based on the CPI. You will also often hear about the "Core Rate" or the "Core CPI. the slow. but steady increase in the price of goods and services. the price at which a good is sold to other businesses before the good is sold to a consumer. the Core rate is thought to be a better indicator of real inflation. By eliminating the items that can significantly affect the cost of the bundle (in either direction) on a month-to-month basis." There are certain items in the bundle used to measure the CPI that are extremely volatile. the PPI measures the change in the purchasing power of the producers of those goods. While the CPI indicates the change in the purchasing power of a consumer. The amount of inflation is measured by the change in the cost of the bundle: if it costs 5% more to purchase the bundle than it did one year before.e. The PPI actually combines a series of smaller indices that cross many industries and 5 .and even computers. The second measure of inflation is the Producer Price Index. such as gasoline prices.

Depending on the characteristics and the intensity of inflation. − − − − Creeping inflation Trotting inflation Galloping inflation Hyper inflation When there is a general rise in prices at very low rates. which is usually between 2-4 percent annually. Whereas. but investors watch both closely. namely. The CPI is a more popular measure of inflation than the PPI. Generally. At this 6 . this is considered as inflation. trotting inflation occurs when the percentage has risen from 5 to almost percent. TYPES OF INFLATION: Subsequently. when either the prices of goods or services or the supply of money rises. the markets are most concerned with the finished goods because these are a strong indicator of what will happen with future CPI reports. intermediate and finished. this is known as creeping inflation. there are several types.measure the prices for three types of goods: crude.

usually from 10-20 percent. CAUSES OF INFLATION Inflation comes in different forms and those at are familiar with the economic matters would observe that there are trends in the way that prices are moving gradual and irregular in relation to aggregate sections of the economy. where the price index rose from 1 to over 1.000. During World War II certain countries experienced a hyperinflation. However.000. where the rate of inflation is increasing at a noticeable speed and at a remarkable rate. is that hyperinflation occurs when prices rise at any moment and there is no level to which the prices might rise. when the inflation rate rises to over 20% it is generally considered as hyper inflation and at this stage it is almost uncontrollable because it increases more rapidly in such a little time frame. Another type of inflation is the galloping inflation.000 in Germany during January 1922 to November 1923. The main difference between the galloping and hyper inflation.level it is a warning signal for most governments to take measures to avoid exceeding double-digit figures. This suggest that there is 7 .

such as the supply of money. the prices of final goods and services would be forced to increase and this increase gives rise to inflation. The excessive demand. the increase of wages which would then give rise in disposable income. and once the consumers have more disposal income this would lead to aggregate spending. therefore the cost of the item rises.more than one factor that causes inflation and as different sections of the economy develop it gives rise to different types inflationary periods. unless supply is perfectly elastic. The increase in demand is created from in increase in other areas. The main causes of inflation are: − − − − − Demand-pull Inflation Cost push Inflation Monetary inflation Structural inflation Imported inflation DEMAND-PULL INFLATION Demand-pull inflation occurs when the consumers. As a result of the aggregate spending there would also be an increase in demand for exports and possible hoarding and profiteering from producers. COST-PUSH INFLATION 8 . Because we do not live in a perfect market supply is somewhat inelastic and the supply of goods and services can only be increased if the factors of production are increased. businesses or the governments’ demand for goods and services exceed the supply.

9 . this causes the business owner to in turn increase the price of final goods and services which would be passed onto the consumers and the same consumers are also the employees. As a result of the increase in prices for final goods and services the employees realise that their income is insufficient to meet their standard of living because the basic cost of living has increased. This can be seen in monopolistic economies where the firm is the only supplier or by entrepreneurs that are seeking a larger profit for their own self interests. If the negotiations are successful and the employees are given the requested wage increase this would further affect the prices of goods and services and invariably affected. This is usually done regardless to the state of the economy. It is generally caused by an increase in wages or an increase in the profit margins of the entrepreneurs. MONETARY INFLATION Monetary inflation occurs when there is an excessive supply of money. The trade unions then act as the mediator for the employees and negotiate better wages and conditions of employment. When wages are increased.Cost-push inflation is caused by an increase in production costs. Interestingly as the supply of goods increase the money supply has to increase or else prices actually go down. It is understood that the government increases the money supply faster than the quantity of goods increases. when firms attempt to increase their profit margins by making the prices more responsive to supply of a good or service instead of the demand for that said good or service. which results in inflation. On the other hand.

technological backwardness and low rate of investment in agriculture. in developing country where the majority of the population live in the rural areas and depend on agriculture and the government implements a new industry. technological backwardness and low rates of investments in agriculture inclusive of inadequate growth of the domestic supply of food which corresponds with an increase in demand arising from increasing urbanization and population prices increase. There are other institutional factors like land-ownership. foreign exchange. over-population with the majority depending on agriculture for their livelihood means that there is a fragmentation of the land holdings. some economists consider 10 . STRUCTURAL INFLATION Planned inflation that is caused by a government's monetary policy is called structural inflation. land and infrastructure. For example. all businesses are forced to raise prices just to get the same value for their products.When a dollar is worth less because the supply of dollars has increased. Furthermore. Because there might be an unequal distribution of land ownership and tenancy. Therefore. This type of inflation is not caused by the excess of demand or supply but is built into an economy due to the government’s monetary policy. some people get employment outside the agricultural sector and settle down in urban areas. an increase in its price tends to raise other prices as well. In developed countries they are characterized by a lack of adequate resources like capital. These features are typical of the developing economies. Food being the key wage-good.

and debt relief by reducing the real level of debt. and high inflation may lead to shortages of goods if consumers begin hoarding out of concern that prices will increase in the future.  Distortion of relative prices (usually the prices of goods go higher. which leads to inflation in the developing economies. uncertainty about future inflation may discourage investment and saving. because of the instability of prices). Negative effects of inflation include loss in stability in the real value of money and other monetary items over time. EFFECT OF INFLATION Inflation can have positive and negative effects on an economy.Higher uncertainties (uncertainties in business always exist.  Increased risk . and can hurt individuals and companies alike. Positive effects include a mitigation of economic recessions. by hoarding food and other commodities creating shortages of the hoarded objects). below are a list of negative and “positive” effects of inflation: NEGATIVE EFFECTS ARE:  Hoarding (people will try to get rid of cash before it is devalued. 11 .food prices to be the major factor. especially the prices of commodities). but with inflation risks are very high. Most effects of inflation are negative.

their income doesn’t increase.  Lowers national saving (when there is a high inflation.  Illusions of making profits (companies will think they were making profits while in reality they’re losing money if they don’t take into consideration the inflation rate when calculating profits).  Causes mal-investment (in inflation times. and therefore their income will have less value over time). therefore causing losses in investments). Income diffusion effect (which is basically an operation of income redistribution).  Causes an increase in tax bracket (people will be taxed a higher percentage if their income increases following an inflation increase).  Causes business cycles (many companies will have to go out of business because of the losses they incurred from inflation and its effects).  Increased consumption ratio at the early stages of inflation (people will be consuming more because money is more abundant and its value is not lowered yet). so people tend to spend the cash on something else). the data given about an investment is often deceptive and unreliable.  Existing creditors will be hurt (because the value of the money they will receive from their borrowers later will be lower than the money they gave before).  Fixed income recipients will be hurt (because while inflation increases. saving money would mean watching your cash decrease in value day after day. 12 .

these monetary authorities are the central banks that control the size of the money supply through the setting of interest rates. Currency debasement (which lowers the value of a currency. and sometimes cause a new currency to be born)  Rising prices of imports (if the currency is debased. and through the setting of banking reserve requirements. then it’s purchasing power in the international market is lower).  It can benefit the cartels (it benefits big cartels.  Many economists favor a low steady rate of inflation. and reducing the risk that a liquidity trap prevents monetary policy from stabilizing the economy. and can cause price control set by the cartels for their own benefits). The task of keeping the rate of inflation low and stable is usually given to monetary authorities. through open market operations. destroys small sellers. Generally. "POSITIVE" EFFECTS OF INFLATION ARE:  It can benefit the inflators (those responsible for the inflation)  It be benefit early and first recipients of the inflated money (because the negative effects of inflation are not there yet). low (as opposed to zero or negative) inflation may reduce the severity of economic recessions by enabling the labor market to adjust more quickly in a downturn. 13 .

when inflation rate edges up. people often ask as to how during periods of falling inflation. the wholesale price index (WPI) is the main measure of inflation. The inflation rate in India was recorded at 7. On the other hand. To avoid inflation. it is only the rate of increase in prices that is down. perceptions in India are often at variance with reality. Inflation Rate in India is reported by the Ministry of Statistics and Programme Implementation. The WPI measures the price of a representative basket of wholesale goods. prices still go up. These instances show how popular perceptions are at variance with the essence of the phenomenon. Historically. Tobin effect argues that: a moderate level of inflation can increase investment in an economy leading to faster growth or at least higher steady state level of income. while nominal incomes go up. This is due to the fact that inflation lowers the return on monetary assets relative to real assets. A moment’s reflection makes it clear that when inflation is down. susceptible to inflation.24 percent in November of 2012. from 1969 until 2012.3 Percent in May of 1976. not all are satisfied.8 Percent reaching an all time high of 34. CURRENT INFLATION STATUS Inflation is one of those economic phenomena that affects every citizen. For. investors would switch from holding their assets as money (or a similar. For example. India Inflation Rate averaged 7.7 Percent in September of 1974 and a record low of -11. almost everyday. form) to investing in real capital projects. In India. the real worth of incomes is eroded with price-increase. and therefore might not be considered positive by the general public. wholesale price index is divided into three groups: 14 .  The first three effects are only positive to a few elite. such as physical capital. yet. In India.

i. This page includes a chart with historical data for India Inflation Rate.3 percent of the total weight. or the Implicit National Income Deflator (NID) or the Consumer Price Index (CPI).e. the GDP deflator is available only annually with a long lag of over one year and hence has very limited use for the conduct of policy. Since it encompasses the entire spectrum of economic activities including services. Textiles (7. The most important components of the Manufactured Products Group are Chemicals and Chemical products (12 percent of the total weight). Food Articles from the Primary Articles Group account for 14. the scope and coverage of national income deflator is wider than any other measure. Alloys and Metal Products (10. The important measure at the point of consumption is the consumer price index for industrial workers (CPI-IW) which is meant to reflect the cost of living conditions and is computed on the basis of the changes in the level of retail prices of selected goods and services on which a homogeneous group of consumers spend the major part of their income. sub-groups and individual commodities. At present. is a comprehensive measure but statistically derived from national accounts data released by the Central Statistical Organisation (CSO) as a ratio of GDP at current prices to GDP at constant prices. Besides. Equipment and Parts (5. Machinery and Machine Tools (8. The variation in the price level in India can be measured in terms of the Wholesale Price Index (WPI). CPI-AL and CPI-UNME are not considered as robust national inflation measures because they are designed for specific groups of population with the main purpose of measuring the impact of price rise on rural and urban poverty. Its coverage is broader than the other indices of CPI like the CPI for agricultural labourers (AL) and the CPI for urban non-manual employees (UNME). This index does not cover non-commodity producing sectors viz.9 percent) and Manufactured Products (65 percent).3 percent) and Transport.8 percent). The basic advantage of this measure of inflation is its availability at high frequency.1 percent of total weight).9 percent). The WPI is available for all commodities’ and for major groups.2 percent). on weekly basis with a gap of about two weeks. The national income deflator. Fuel and Power (14. on the other hand. The WPI is the main measure of the rate of inflation often used in India. thereby enabling continuous monitoring of the price situation for policy purposes.Primary Articles (20. services and non-tradable commodities. 15 . Basic Metals.

8 per cent. with the rate varying in a wide range from a negative value of 12.5 per cent to a positive value of 13. the average decadal inflation edged up to 6. among the developing countries. The minimum inflation at a negative rate in 1952-53 was in response to the bumper agricultural production in that year while the maximum inflation rate in 1956-57 was mainly attributed to demand pressures.9 per cent was recorded for the year 1966-67. During the fifties. The inflationary pressures started mounting from 1962-63. During the sixties.7 per cent.1 per cent was in 196869 attributed primarily to the bumper agricultural production in the preceding year. The Pakistan war in 1965. India’s inflation performance would be considered as satisfactory. and the famine conditions during 1965-66 aggravated the situation further. but the minimum inflation rate of (-) 1. especially investment demand. The maximum inflation at 13.REVIEW OF INFLATIONARY TRENDS IN INDIA In general. on account of the Chinese War in 1962 and unsatisfactory supply position.4 per cent. in fact. the average decadal rate of inflation was very low at 1. as would be evident from the study already mentioned. 16 . both public and private.

4 per cent. the decadal average inflation moved down somewhat to 8. What is more significant is that variation in prices was small as compared to any of the preceding decades. From 1995-96 to 1997-98.2 per cent in 1980-81 and the minimum inflation rate was at 4.During the eighties. Following the Gulf crisis of 1991. 17 . and the average inflation rate for the nineties up to 1997-98 was 9. The highest inflation rate for the decade was at 18. the first half of the decade was characterised by double-digit inflation – the sole exception being 1993-94 with an inflation rate of 8.4 per cent for 1985-86. there was a reversal of trend.0 per cent.0 per cent. The period 1990-91 to 1997-98 witnessed a resurgence of inflationary tendencies with four of the seven years showing price rise between 10 to 15 per cent. as reform measures began to show positive impact on prices.

the high pressures of inflation were felt on almost all occasions. and domestic supply shocks such as adverse monsoon conditions. However. i.60 % 18 . gulf crisis. 1950-51 to 1997-98. with standard deviation at 6. impact of monsoon conditions on volatility in prices is getting increasingly moderated perhaps due to expansion of irrigated agriculture as also buffer stock operations. due to exogenous shocks like oil price hike. CURRENT INFLATION RATE Current inflation India (CPI India) – the inflation is based upon the Indian consumer price index. India recorded relatively satisfactory levels of inflation since. for the entire period of analysis. etc.6 and the rate having crossed the 15 per cent mark on only four occasions during the last half a century or so.7 per cent and the modal value of distribution of inflation rates lying between 5 to 10 per cent.Thus. the average rate of inflation working out to 6. it is possible to suggest that progressively. over the period. wars. Inflation based upon the consumer price index (CPI) is the main inflation indicator in most countries.e. The inflation rate has also been far less volatile than in most developing countries. CPI inflation India october 2012: 9. The index is a measure of the average price which consumers spend on a market-based "basket" of goods and services. Moreover.

India’s annual inflation rate in September 2012. India). has remained above 6 percent mark in India since January 2010. As per the government of India :India’s Wholesale Price Index Based Inflation Rate Eases Lower to 7. The rate of inflation was 9. 19 . 2012. In order to measure inflation. If prices have fallen this is called deflation (negative inflation). or CPI for short. 2012. which is based on the wholesale prices. Government of India. December 14.46 percent in November 2011. an assessment is made of how much the CPI has risen in percentage terms over a give period compared to the CPI in a preceding period. was revised to 8.81 percent as previously reported on October 15. Headline inflation. Office of the Economic Adviser (OEA) of the Ministry of Commerce and Industry. this often refers to the rate of inflation based on the consumer price index. released the latest monthly and annual inflation rate data on Friday.45% in October 2012 based on 2004-05 as the base year.When we talk about the rate of inflation in India.07 percent from the provisional inflation rate of 7. The Indian CPI shows the change in prices of a standard package of goods and services which Indian households purchase for consumption. 2012 Inflation rate in India decreased slightly to 7. December 14. based on the Wholesale Price Index.24 Percent in November 2012 New Delhi (Delhi.24% in November 2012 from 7.

Therefore.512 % 6. To control inflation.448 % 5.697 % 11.573 % 3. it is necessary to control total expenditures because under conditions of full 20 .285 % METHODS TO CONTROL A high inflation rate is undesirable because it has negative consequences. However.CPI IN recent years Period october 2012 october 2011 october 2010 october 2009 october 2008 october 2007 october 2006 october 2005 october 2004 october 2003 Inflation 9.596 % 9.183 % 4.917 % 4.392 % 9.486 % 10. MONETARY POLICY Inflation is primarily a monetary phenomenon. government must diagnose its causes before implementing policies. the most logical solution to check inflation is to check the flow of money supply by devising appropriate monetary policy and carefully implementing such measures. the remedy for such inflation depends on the cause. Hence.

Raising bank rates Open market operations and Variable reserve ratio However. public debt and its management. there are various limitations on the effective working of the quantitative measures of credit control adapted by the central banks and. pertains to banking and credit availability of loans to firms and households. thus. Monetary policy. the devices for decreasing or increasing the supply of money and credit for monetary stability is called monetary policy. Central banks generally use the three quantitative measures to control the volume of credit in an economy.employment. its effects are primarily felt in the economy as a whole. namely: 1. 2. thereby influencing the structure of interest rates and the availability of credit. can regulate the supply of money and credit in the economy. that is. The central bank’s monetary management methods. and the monetary standard. factors affect the components of aggregate demand and the flow of expenditure in the economy. interest rates. to that extent. Monetary policy is used to control inflation and is based on the assumption that a rise in prices is due to excess of monetary demand for goods and services by the consumers/households e because easy bank credit is available to them. inflation. 3. Both these. increase in total expenditures will be reflected in a general rise in prices. By directly affecting the volume of cash reserves of the banks. and through this action. Monetary management is aimed at the commercial banking systems. monetary measures to control inflation 21 .

are relatively ineffective.. it is not so simple to control the rate of spending or total outlays merely by controlling the quantity of money. there is no immediate and direct relationship between money supply and the price level. in controlling inflation moderate monetary measures. there is need to contract credit. etc. Thus. or near moneys. restricting the flow of credit into the unproductive. tangible. In a developing economy there is always an increasing need for credit. In modern community. as is normally conceived by the traditional quantity theories. inflation-infected sectors and speculative activities.are weakened. Such near moneys are highly liquid assets. as they are called. and diversifying the flow of credit towards the most desirable needs of productive and growth-inducing sector. It should be noted that the impression that the rate of spending can be controlled rigorously by the contraction of credit or money supply is wrong in the context of modern economic societies. In such an encounter. On the other hand. 22 . They increase the general liquidity of the economy. wealth is typically represented by claims in the form of securities. In fact. drastic monetary measures are not good for the economic system because they may easily send the economy into a decline. bonds. Growth requires credit expansion but to check inflation. In these circumstances. by themselves. and they are very close to being money. the best course is to resort to credit control.

the size of the disposable income diminishes. For example. 23 . To curve the effects of inflation and changes in the total expenditure. in conjunction with other measures. FISCAL MEASURES Fiscal policy is another type of budgetary policy in relation to taxation. excise duties or sales tax on various commodities may take away the buying power from the consumer goods market without discouraging the level of production. governments must simultaneously increase taxes that would effectively reduce private expenditure. tax policy has been directed towards restricting demand without restricting level of production. in an effect to minimise inflationary pressures. During inflationary periods the government is supposed to counteract an increase in private spending. However. also the magnitude of the inflationary gap in regards to the availability of the supply of goods and services. monetary restraints can. Along with public expenditure. and public expenditure. It is known that when more taxes are imposed. some economists point out that this is not a correct way of combating inflation because it may lead to a regressive status within the economy. play a useful role in controlling inflation. fiscal measures would have to be implemented which involves an increase in taxation and decrease in government spending. In some instances. public borrowing. It can be cleared noted that during a period of full employment inflation. the aggregate demand in relation to the limited supply of goods and services is reduced to the extent that government expenditures are shortened.When there is inflation in an economy.

Government policy should therefore. and inflation can spread from one sector of the economy to another and from one type of goods and services to another. of course. such as deferred pay as an anti-inflationary measure. which is mainly responsible for inflation.As a result. Additionally. public debt may be managed in such a way that the supply of money in the country may be 24 . Therefore. suggested a programme of compulsory savings. Keynes. this is sometimes called forced savings. without any harmful effects of any kind that are associated with higher taxation. is a sort of public borrowing). include devices for increasing savings. Furthermore. however. A strong savings drive reduces the spendable income of the consumers. a reduction in public expenditure. It should be noted that it is only government borrowing from non-bank lenders that has a disinflationary effect. which are redeemable after a particular period of time. the effects of a large deficit budget. private savings have a strong disinflationary effect on the economy and an increase in these is an important measure for controlling inflation. In addition. Deferred pay indicates that the consumer defers a part of his or her wages by buying savings bonds (which. can be partially offset by covering the deficit through public borrowings. this may lead to a further rise in prices of goods and services. and an increase in taxes produces a cash surplus in the budget.

When ceiling prices are fixed and enforced. Anti-inflationary debt management also includes cancellation of public debt held by the central bank out of a budgetary surplus. producers cannot raise the price beyond a specified level. beyond which prices of particular goods may not increase. even though there may be a pressure of excessive demand forcing it up. inflation is suppressed. For example. Fiscal policy by itself may not be very effective in combating inflation. therefore a combination of fiscal and monetary tools can work together in achieving the desired outcome. price control was used to suppress inflation.controlled. during wartimes. 25 . The function of price control is a fix a legal ceiling. DIRECT MEASURES OF CONTROL Direct controls refer to the regulatory measures undertaken to convert an open inflation into a repressed one. The government should avoid paying back any of its past loans during inflationary periods. Such regulatory measures involve the use of direct control on prices and rationing of scarce goods. it means prices are not allowed to rise further and so. Under price control. in order to prevent an increase in the circulation of money.

to make the commodity more available to a larger number of households. therefore the total effective demand for goods and services. it may be necessary to apply a wage-profit freeze. During galloping inflation. food grains. both of resources and of employment. However. “rationing involves a great deal of waste. such as. rationing becomes essential when necessities. government may have to enforce rationing. such as food grains. However. The main function of rationing is to divert consumption from those commodities whose supply needs to be restricted for some special reasons. depending upon the balance of payments situation.In times of the severe scarcity of certain goods.” Another control measure that was suggested is the control of wages as it often becomes necessary in order to stop a wageprice spiral. particularly. along with price control. Ceilings on wages and profits keep down disposable income and. Therefore. Similarly. this is possible only to a limited extent. restrictions on imports may also help to increase supplies of essential commodities and ease the inflationary pressure. exports may also be reduced in an effort to increase the availability of the domestic supply of essential commodities so 26 . are relatively scarce. On the other hand. according to Keynes. Rationing has the effect of limiting the variety of quantity of goods available for the good cause of price stability and distributive impartiality.

inflation just cannot be controlled. Therefore. it is a highly discretionary method. however. Indexing refers to monetary corrections through periodic adjustments in money incomes of the people and in the values of financial assets such as savings deposits. do not favour indexing. the money incomes and values of financial assets are enhanced by 20%. the supply of real goods should be increased by producing more. But a country with a deficit balance of payments cannot dare to cut exports and increase imports. In overpopulated countries like India. Critics. if the annual price were to rise to 20%. Again. which are held by them in relation to the degrees of price rise. Indexing also saves the government from public wrath due to severe inflation persisting over a long period. Without increasing production. it is also essential to check the growth of the population through an effective family planning programme. because this will help in reducing the increasing pressure on the general demand for goods and services.that inflation is eased. 27 . Basically. as it does not cure inflation but rather it encourages living with inflation. because the remedy will be worse than the disease itself. under the system of indexing. Some economists have even suggested indexing in order to minimise certain ill-effects of inflation.

In general. As a Ministry of statistics and programme implementation  Theteamwork. monetary and fiscal controls may be used to repress excess demand but direct controls can be more useful when they are applied to specific scarcity 28 . BIBLIOGRAPHY  Tradingeconomics. anti-inflationary policies should involve varied programmes and cannot exclusively depend on a particular type of measure only.

eu/inflationrates/india/ http://www.aspx  http://www.html  Global-rates.http://www.aspx 29 .

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