When Indian consumers get a price shock while buying the humble tomato, which is now going at Rs. 100 per kg in some cities, at least they are not alone. Prices have shot up across many parts of the world, with few exceptions. India was one of the few countries where inflation fell in May compared to April - the Indian government has intervened in some areas like oil, with excise duty cuts in May, and in steel.

China has been an exception with a very low inflation rate  - the lack of a pandemic stimulus and continued lockdowns may have resulted in the country's muted May inflation rate of 2.1%. 

Elsewhere, like the US, UK and EU, inflation is still rising, forcing central banks to get much more aggressive with interest rate hikes. Interest rate increases take some time for their effects to be felt, but in the meantime global prices of key commodities like crude oil, edible oil and wheat have fallen, giving analysts hope that inflation rates will fall back to earth.