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Another era of global inflation?

Modest inflation in the US and EU may eventually come down, but not in emerging markets, where central bankers are much less experienced in fighting inflation and their capacity is limited…adding to the trouble is the fact that the share of food in total consumption in developing countries' is much higher than developed economies. For example, Chinese spend about 1/3 of their income on food.  
with sharp rising food prices worldwide, be ready for another era of global inflation, and potentially more currency upheavals. 
(courtesy of wsj)

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