The Reserve Bank of India (RBI) expects retail inflation to come under control at 5.2 per cent in the next financial year beginning April, down from 6.7 per cent it has forecast for the current year.
Business news: The Wholesale Price Index-based inflation was 13.93 per cent in July and 11.64 per cent in August, 2021.
Inflation: According to the data, inflation in food basket was 7.62 per cent in August, up from 6.69 per cent in July and 3.11 per cent in August 2021.
ECB followed the US Federal Reserve and other central banks in a global stampede of rapid rate hikes meant to snuff out record inflation that is squeezing consumers and pushing Europe toward recession.
The budget for the next year will be addressing critical issues of high inflation, job creation, boosting demand, and putting the economy on a sustained 8 percent-plus growth path.
Inflation management cannot be singularly left to the monetary policy, which has proved totally ineffective in many countries, Sitharaman said.
Sithraman on inflation: Retail inflation touched a high of 7.79 per cent in April this year since then it is on a downward trajectory. According to official data, retail inflation softened to 6.71 per cent in July due to moderation in food prices but remained above the Reserve Bank's comfort level.
From the Sensex pack, IndusInd Bank, Bharti Airtel, HCL Technologies, Axis Bank, Tech Mahindra, Kotak Mahindra Bank, HDFC, Infosys, HDFC Bank, and Reliance Industries were major laggards in early trade.
IMF staff and the Sri Lankan authorities have reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about 2.9 billion US dollars.
Varma, in an interview to PTI, said that inflation and inflationary expectations appear to be moderating and high inflation will certainly not become the 'norm' in the country.
Delhi Chief Minister Arvind Kejriwal on Monday attacked the Centre over a host of issues, including inflation and unemployment, and wondered how will the nation progress like this.
Due largely to falling gas prices, the government’s inflation report for July, to be released Wednesday morning, is expected to show that prices jumped 8.7% from a year earlier.
RBI rate hike: The Reserve Bank of India's rate-setting panel -- the Monetary Policy Committee -- is meeting to deliberate on the prevailing economic situation and announce its bi-monthly review on Friday.
Walmart news: The news of layoffs at Walmart came as after the company recently slashed its profit outlook due to inflation.
Nirmala Sitharaman on inflation: No question of India getting into stagflation or recession as macroeconomic fundamentals of the economy are strong, Sitharaman said while replying to the opposition's statements that India will also be in a condition being faced by Sri Lanka, Pakistan.
The rate hike comes ahead of the RBI's Monetary Policy Committee (MPC) meeting later this week. It is widely expected that the MPC would hike interest rates to tame high inflation.
The Reserve Bank's rate-setting panel -- Monetary Policy Committee -- will meet on August 3 for three days to deliberate on the prevailing economic situation and announce its bi-monthly review on Friday.
Annual inflation in the eurozone’s 19 countries rose to 8.9% in July, an increase from 8.6% in June, according to the latest numbers published Friday by the European Union statistics agency.
Rahul Gandhi slams PM: Twenty Rajya Sabha MPs have been suspended from the House for the rest of the week after they continued to disrupt proceedings to press for an immediate discussion on price rise and levy of GST on essential items.
Raghav Chadha, the Rajya Sabha MP also alleged that the voices of the Opposition are being suppressed in the Parliament.
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