Unfortunately, because this approach fails to deal with the underlying causes of inflation, wage and price controls eventually collapse, the hitherto-repressed inflation resurfaces.

This year's rise, an average of 2.7 percent, may be a fraction lower than last year's, but it is still well above the official Consumer Price Index (CPI) measure of inflation.

As demand for food rises faster than supplies are growing, the resulting food-price inflation puts severe stress on the governments of many countries.