What does `pari passu' mean?

(Mahitha Solomon, Kakinada)

First, let's deal with the pronunciation. The `a' in `pari' is like `a' in `ask', `task', and `answer'; the following `i' is pronounced like the `ee' in `fee', `bee', and `knee'. The `a' in `passu' is like the `a' in `act', `fact' and `bat'; and the following `u' is like the `oo' in `cool', `pool', and `fool'. The main stress is on the first syllable of `passu'. This is a Latin expression which literally means `with equal footing'. When you say that two things are `pari passu', you mean that they are travelling at the same pace, and hence are side by side. The expression is also used to mean, `without partiality'.

*According to this report, inflation and interest rates increased pari passu last year.