• Syed Aun R. Rizvi Lahore University of Management Sciences
  • Sahminan Sahminan Department of Economics and Monetary Policy, Bank Indonesia
Keywords: Commodity prices;, Inflation, BRIICS, Augmented Philip curve.


In this study, we use a commodity augmented Phillips curve to investigate the impact of global commodity prices on domestic inflation in Brazil, Russia, India, Indonesia, China, and South Africa. Oil and energy prices cause inflationary pressures in all countries, except Russia, where they cause deflationary pressures. In India
and Indonesia, global food prices are highly significant and positively related to inflation, while in South Africa precious metal prices impact inflation negatively. For policymakers, this study provides insights on the domestic adjustments required for inflation targeting in response to global commodity price volatility.


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How to Cite
Rizvi, S. A. R., & Sahminan, S. (2021). COMMODITY PRICE AND INFLATION DYNAMICS: EVIDENCE FROM BRIICS. Buletin Ekonomi Moneter Dan Perbankan, 23(4), 485 - 500.