Should you choose to remember 2012, it will
most likely be as the year your income did not
rise but your expenses did. Even the most
optimistic view - that of the government -
means prices this year will outrun incomes
again for the third year in a row. Inflation in
2010-11 was 9.6 percent, tolerable when the
economy was growing at 8.4 percent. In
2011-12, inflation at 8.9 was 2.3 percentage
points higher than the GDP growth rate of 6.5
percent. This year, inflation will again be a full
percentage point higher than growth.
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