Commodity Prices and Inflation in the Middle East, North Africa, and Central Asia
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Summary:
Inflation followed a strikingly uniform pattern in all countries of the Middle East, North Africa, and Central Asia during the period 1996-2009, falling until about 2000 and then rising. International fuel prices do not help explain this pattern. This conclusion is robust even when different cross sections of countries are tested or when different regression variables are included. The pattern of inflation is explained mainly by past inflation, the strength of the US dollar, US inflation, and—depending on the subset of countries analyzed—monetary and exchange rate policies and nonfuel commodity prices.
Series:
Working Paper No. 2010/135
Subject:
Commodity prices Exchange rate arrangements Exchange rates Fuel prices Inflation
English
Publication Date:
June 1, 2010
ISBN/ISSN:
9781455201181/1018-5941
Stock No:
WPIEA2010135
Pages:
33
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