IMF paper analyses how commodity prices impact inflation

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A working paper published today (September 12) by the International Monetary Fund (IMF), examines how countries can influence the impact of international commodity price shocks on domestic inflation.

The authors, Gaston Gelos and Yulia Ustyugova, find that countries with a high weighting of food in their CPI baskets and an oil-intensive economy are more likely to experience sustained inflationary effects.

However, this can be mitigated by better governance and greater central bank autonomy, the

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