Last year, record high inflation spelled trouble for economies, capital markets and governments. After losing the transitory-vs-sticky debate, the Fed delivered a cumulative of 4.25% increase in rates last year. Asia Pacific meanwhile did not escape unscathed from elevated prices. In Malaysia, to shield households and firms from higher prices, it was estimated that the total subsidy bill and cash aid reached a record high of 77 billion ringgit for 2022. So will inflation loosen its grip this year or will governments have to battle between elevated prices and a recession? For answers we speak to Sarah Tan, Economist, Moody's Analytics.