Food price inflation "is exacerbating the challenge of monetary management in anchoring inflation expectations, " it said.
They say capital flight and depressed demand, rather than good management, lie behind the fall in inflation (which is still forecast at 15-17% this year).
But he might not like a further corollary: under a target-zone system, responsibility for exchange-rate management, as well as for controlling inflation, has to be given to the same policymaker.
The council said the cost of energy and food, rising waste management costs, a lower-than-inflation settlement from the assembly government and other "budgetary pressures" left it with no choice.
Mr Carswell has hard-edged views on everything from economic management (he's very worried about inflation) to defence procurement (he thinks the British arms industry is taking the taxpayer for a ride) and he's not shy of expressing them.
"In 1996, Southeast Asia will continue to battle inflation, " says Samantha Teo, a senior portfolio manager at Nikko Capital Management in Singapore.
In the hands of the right management, properties like these can sustain income growth several points above inflation over a generation or longer.
But they are warning engineering and management skills are hard to find, leading to the prospect of wage inflation.
We've been able to keep inflation down and therefore keep the price regime down, mainly through monetary and fiscal management, but also through better efficiency of our productive sectors and the cooperation of the people, employers and government.
The weather promises to prolong the inflation fight into the third quarter, expects Hugh Simon, a fund manager at Hamon Asset Management in Hong Kong.
He has the simple (and enviable) goal, and has since he started, of a 10% return after taxes and inflation, emphasizing there will be weaker years and stronger years, but consistency in approach and risk management is the key (while not saying it outright, he hinted that those who shoot for much higher average returns are likely taking on too much risk).
But Moses Harding, head of asset-liability management at IndusInd Bank said the bank needed to do a "balancing act between growth and inflation".
Adriano Pires, director of the Brazilian Center for Infrastructure, a Rio de Janeiro based business management consultancy, said Brasilia should think twice about using Petrobras as a policy tool to fight inflation, among other things.
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