The Politics of Inflation

Abstract

We have entered a new era of global inflation and price hikes are visible everywhere. In Sri Lanka, many people have had to skip meals because the price of wheat flour and white rice has risen by 30 per cent since 2012. Tens of thousands have rioted, leading to the burning down of a government minister’s house. In Turkey, inflation has hit the staggering rate of 70 percent because there has been a major devaluation of its currency, the lira.