The Monetary Policy Committee (MPC) met early this week and decided to lower the Central Bank Rate (CBR) to 12 percent. While the press release highlighted the grounds for the cut, I was fixated on a rather frivolous point; the number of times the word “inflation” was mentioned. I counted 18 times. So what?
Well, that’s three more mentions than the previous press release to begin with. But that’s not the point, it's the emphasis that says something: inflation is the dragon that needs to be tamed. Which begs the question: has the dragon been tamed?
