01892cas a2200241 a 4500 AALejournalIMF011758 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475502497 1018-5941 BD-DhAAL BD-DhAAL International Monetary Fund. Global Food Price Inflation and Policy Responses in Central Asia. Washington, D.C. : International Monetary Fund, 2012. 1 online resource (26 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines the implications of elevated global food prices for inflation in select Central Asian economies - Kazakhstan, the Kyrgyz Republic, Tajikistan, and Uzbekistan. The findings suggest that global food inflation has significant short-run effects that build over time. Inflation outcomes simulated under alternative global wheat price assumptions underscore these vulnerabilities, and suggest that sustained administrative measures are unlikely to prove effective. In line with structural economic features, the interest rate channel of monetary policy is found to be limited, arguing for a broad policy strategy to control more expansive inflationary pressures. Looking ahead, measures to enhance supply responses, deepen domestic financial markets, develop adequate social safety nets, and increase central bank independence are warranted. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2012/086 Full text available on IMF http://elibrary.imf.org/view/journals/001/2012/086/001.2012.issue-086-en.xml IMF e-Library