Inflation across Asia

Inflation in Asia is hitting new records, but the recent fall in the oil price and the prospect of slowing economic growth suggest it could be nearing its peak.
Core annual inflation in Australia scaled a 17-year high of 4.4 percent in the second quarter, Singapore consumer prices rose 7.5 percent in June, a 26-year high, and Malaysia's inflation hit a 27-year peak of 7.7 percent, double the rate recorded in May.Phillipines and Indonesia have inflation running at more than 11 percent. In South Korea, where inflation spiked to a near 10-year high of 5.5 percent in June, the government and the central bank seem at loggerheads over what should be done to rein in prices.The authorities have sought to contain imported inflation by intervening heavily to prop up the local currency.Sri Lanka's inflation hit 29.9 percent in April 2008. Sri Lanka's previous highest inflation of 26 percent was reached in 1980.Current reports say that inflation has crossed 30%.In Japan,inflation has hit a 27-year high at 7.1% in July 2008.
Pakistan's inflation zoomed to a 30-year high and hit 24.33% in July 2008.It was at 21.53% in June 2008.The Pakistani Rupee has hit a record low against the U.S.Dollar closing at 73.70/80.