The Crude Art of Policymaking

The article I have chosen to analyze is from ecomomist.com printed on June 10, 2004. The title of the article is the crude art of policy making. This article discusses weather the central banks should respond to the rise in oil prices by increasing interest rates. It indicates how inflation is on a rise from 1.6% in February to 2.5% in May. It is expected that inflation will rise to over 3% shortly. They blame this rise on inflation on higher oil prices as they rose about 25% over a year ago.
<Tab/>The article indicates that higher oil prices hurt the oil-importing economy in…