Emerging-market policymakers grapple with rising inflation

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Aug 21st 2021WASHINGTON, DCIT HAS BEEN a long few months for the emerging world. Punishing temperatures—July was the hottest month on record worldwide, according to a recent analysis—fanned fires on Turkey’s Mediterranean shores and scorched Russia’s wheat fields. Covid-19 rages across countries with low vaccination rates. Just 24% of Brazilians, 9% of Indians and 7% of South Africans are double-jabbed. On top of everything else, inflation is running hot, too.Listen to this storyYour browser does not support the <audio> element.Listen on the goGet The Economist app and play articles, wherever you arePlay in appPlay in appSoaring food and energy prices have pushed inflation to uncomfortably high levels. In Brazil consumer prices are 9% higher than they were a year ago (see chart), more than twice the central bank’s target. In Russia inflation is 6.5%, well above the central bank’s aim of 4%. Inflation in India, which had been high in 2020, rose above 6% this s
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