The biggest challenge facing the emerging markets is not the credit crunch; it’s inflation. Surging price rises are evident in all developing regions with buoyant economic activity, high food and energy costs and currency pegs all playing their part, depending on the specific country.
In South Africa the inflation rate is more than 10%; in Russia it’s 15%; in Argentina it is probably 20% despite what the official figures state. Inflation is becoming a headache for policymakers in Asia and the Middle East too.
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