The wholesale inflation declined in the month of November. The food inflation also eased this month mainly due to the reduction in the prices of the vegetables. However, potato prices continue to be high.
Gold Rate Today 11 December: Gold prices hit a two-week high, crossing Rs 78,800 per 10 grams on rising geopolitical tensions and ahead of the US inflation data release.
IAS officer Sanjay Malhotra has been appointed as the 26th RBI Governor, succeeding Shaktikanta Das. With inflation at 6.2 per cent and GDP growth slowing, Malhotra faces critical decisions on India’s monetary policy.
Shaktikanta Das, the outgoing RBI Governor, made six pivotal policy decisions during his tenure, from navigating the COVID-19 crisis to introducing India’s Digital Rupee. Know about his lasting impact on India’s economic landscape.
BSE Sensex opened over 100 points down, while Nifty50 traded above 24,650 on Monday. Global economic data, including GDP figures from major economies and CPI data from India, will shape market sentiment this week.
Terming the growth much lower-than-anticipated, RBI Governor Shaktikanta Das exuded confidence that high-frequency indicators available so far suggest that the slowdown in domestic economic activity bottomed out in Q2:2024-25.
Finance Minister Nirmala Sitharaman's reaction to a social media user who sought relief from inflation created a buzz on X. People are divided on her statement on X.
WPI inflation in October 2024 is primarily due to increase in prices of food articles, manufacture of food products, other manufacturing, manufacture of machinery and equipment, manufacture of motor vehicles, trailers and semi-trailers, the government said.
India’s retail inflation surged to 6.21% in October, a 14-month high driven by rising food and fuel prices, while industrial output expanded by 3.1% in September.
According to a report by rating agency CRISIL, during the festival season (October) the kitchen felt the pinch of inflation as tomatoes, potatoes and onions saw price hikes.
India’s retail inflation surged to 5.49% in September 2024, driven by food prices, casting doubt on the RBI’s December rate cut plans.
As inflation rates fluctuate, analysts are likely to closely monitor future trends and the potential need for adjustments in monetary policy by the Reserve Bank of India.
Wholesale inflation: As per the government data, inflation in food items shot up to 11.53 per cent last month against 3.11 per cent in August. This was led by 48.73 per cent inflation in vegetables as against (-)10.01 per cent in August.
The Reserve Bank of India (RBI) has kept the benchmark repo rate unchanged at 6.5% for the 10th consecutive time, maintaining its focus on inflation control while balancing economic growth.
The Bank of England has maintained its interest rate at 5%, contrasting with the US Federal Reserve’s rate cut to 4.8%. Inflation concerns in the UK, particularly in the services sector, have driven this cautious approach.
The rate cut ends a 14-month period where rates were held steady. This duration is longer than three of the last six Fed "hold" periods but falls short of the 15-month pause before the 2007-2009 financial crisis.
notably, the retail inflation target set by the RBI is 4% with a tolerance band of +/- 2 percentage points, meaning that the target is within the range of 2% to 6%. As per the government data, industrial production grew 4.8 per cent in July against 6.2 per cent expansion a year ago.
The reduction in wholesale inflation is attributed to a drop in prices of key commodities, including food and fuel. Lower input costs and decreased demand pressures have contributed to the cooling of inflationary trends.
An interim government was formed in Bangladesh after the fall of the Hasina-led government, and its Chief Adviser, 84-year-old Nobel laureate Muhammad Yunus, announced the portfolios of his 16-member council of advisors last week.
India's retail inflation eased to 3.54 per cent in July, falling below the Reserve Bank of India's 4 per cent target for the first time in years.
Top News
Latest News
