7% inflation as opposed to a targeted high of 6% is very different from 7% (actually 8+%) inflation, from a targeted high of about 2-4% (the Fed doesn’t publish a range I believe…they only say they target 2%…in practice, historically, they’ve treated 2% as a high, but I believe thats changed since the Great Recession so I’ll generously assume a +-2% range).

What’s even more relevant to the Indian situation is that much of that inflation is being driven by the strength of the dollar which has made imports more expensive.

The U.S., of course, is on the other side of that problem. The ridiculously strong dollar means that solely currency effects should be making things cheaper for Americans.