Are Asian Central Banks Still Behind the Inflation Curve?

"The spike in food and commodity prices has pushed inflation in Asia to record levels since late 2007. Asian central banks, however, initially abstained from hiking interest rates due to fears of contagion from a U.S. slowdown. Instead, countries like India, Indonesia, Malaysia, Philippines and Vietnam opted to fight food and fuel inflation using non-monetary policy measures like price controls, export restrictions, subsidies and reduction in import tariffs."