After interest rate hike by the world's major central bank and tapering of bond buying by the US Federal Reserve (Fed), inflation is the latest worry for markets and the world economy. The fear of higher inflation has been worsened by a sharp rise in natural gas prices in Europe, power outages in the UK and China, and a rally in crude oil prices.

       Brent crude oil prices are up nearly 20 per cent in the past month and hit a three-year high of $80 per barrel on Tuesday on the commodity exchanges. This will raise the price of crude oil imported by India, forcing oil-marketing ...