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Even before Russian President Vladimir Putin began his bloody invasion of Ukraine, the world was grappling with elevated inflation. Now inflation risk has risen substantially, complicating the conduct of monetary policy and raising the global spectre of stagflation, if not outright recession.

In February 2022, the World Bank noted that "inflation has come back faster, spiked more markedly, and proved to be more stubborn and persistent than major central banks initially thought possible"...

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