A suggestion to the IMF on inflation

Standard policies towards inflation have not helped. It is important to think out of the box

Inflation in Turkey is at a very high 55 per cent (it was even higher at 83 per cent a few months back). The inflation rate in countries like Sri Lanka and Pakistan is also alarmingly high. What should be the policy?

The central bank should raise interest rates. This is at the heart of the usual policy prescription. However, high interest rates can lead to high interest costs. Though this cost-push factor is less familiar compared to the effect of, say, higher oil price, it can be bad enough. Higher interest costs by themselves only aggravate inflation, not reduce