Despite the ocean of differences among cultures and languages, the world is wired in the mostprofound way. The credit for this necessary interdependency is given to our favourite genre of socialsciences and the most important piece in the chess of global affairs—the economy. However, it doesn’t quite stop there. Imagine a Russian doll and follow the trail of thought. While the economy is the face of global relations, an underlying phenomenon affects all nations, creeds and people. Knownto humankind as inflation, this phenomenon has a profound impact on consumers, investors andthe economy as a whole.Inflation: An Economic Phenomenon That Matters aims to explain these impacts lucidly, along with adeep and insightful coverage of multiple theories, case studies and arguments. Given the complexityof the phenomenon, this work argues for a profound understanding of the subject. The aim is to help readers understand not only the causes, effects and different types of inflation, but also its real-lifeeffects, including its governmental and policy implications. It subsequently traces the evolution ofthe idea, explains the concept of inflation targeting in India and other economies, and chroniclesthe evolution of monetary policies in India.