In a veiled attack on the JP Nadda-led party, NCP spokesperson Clyde Crasto also sarcastically said it needs to be seen who will be blamed for the same and what will be the new diversion to hide this "failure".
RBI in an off-cycle announcement earlier this month hiked the key repo rate -- at which it lends short term money to banks -- by 0.40 per cent to 4.40 per cent to tame inflation.
The Consumer Price Index (CPI) inflation for April 2022 stands at 7.79%. In March, the figures for Consumer price-based inflation jumped to 6.95 per cent.
The Reserve Bank of India in a surprise move on Wednesday (May 4) announced to hike the repo rate by 40 basis points to 4.40 per cent, the first hike since August 2018.
RBI Governor Shaktikanta Das said that all six members of the MPC unanimously voted for a rate hike to contain inflation that has remained stubbornly above the target of 6 per cent for the last three months.
RBI hikes repo rate by 40bps hike to 4.40% in an unscheduled policy review citing inflation woes
The April PMI data pointed to an improvement in overall operating conditions for the tenth straight month. In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
According to estimates, the country’s economy is likely to grow at 8.2 per cent in 2022-23, down 0.8 per percentage points.
Known for his frank views, Rajan also said it was important to remember that the "war against inflation" is never over.
A group of people conducted puja in Varanasi to rein in the rising price of lemons in the country. The devotees said they had to knock on God's door since the government and administration are silent.
WPI Inflation in February was at 13.11 per cent, while in March last year, it was 7.89 per cent.
The inflation in the food basket was 7.68 per cent in March, up from 5.85 per cent in the preceding month.
In its earlier policy review in February, the RBI had projected retail inflation to be at 4.5 per cent in 2022-23.
The highest yearly price increase was in the transportation sector, at 99.12 percent, while the increase in food prices was 70.33 percent, according to the data released by the Turkish Statistical Institute.
Attacking the BJP after petrol and diesel prices were increased for the fourth time in five days, the Congress had said that this "shameless fleecing" of the public must stop.
Earlier this week, Congress leader had slammed Central govt over high inflation and reduced rates of fixed deposits and provident fund, and said the common people are facing the consequences of its "wrong policies."
The Fed's quarter-point hike in its key rate, which it had pinned near zero since the pandemic recession struck two years ago, marks the start of its effort to curb the high inflation that has followed the recovery from the recession. The rate hikes will eventually mean higher loan rates for many consumers and businesses.
Inflation in food articles, however, eased to 8.19 per cent in February from 10.33 per cent. Vegetable inflation was 26.93 per cent in February, against 38.45 per cent in the previous month.
Imran Khan, 69, is heading a coalition government and he can be removed if some of the partners decide to switch sides, which is not unusual in parliamentary democracies.
Robust consumer spending has combined with widespread product and worker shortages to create the highest inflation in four decades.
Top News
Latest News
