The country's retail inflation rate may remain above 7 percent in June as well. However, despite this, it will remain above the Reserve Bank of India's (RBI) target of 2-6 percent for the sixth consecutive month. It stood at 5.56 percent in December 2021 and 6.01 percent in January 2022.
Inflation is increasing because the prices of fuel, oil, and other commodities have remained high. According to a Reuters survey, despite the recent sharp rise in food prices, inflation has been successful in controlling rate. Because the government has cut taxes on petrol and diesel. Along with this, the export of some food grains has also been banned. In this, rice, wheat, and recently many types of flour have also been banned.
Vegetable prices raised concern
Most economists said vegetable prices had gone up significantly in the recent past due to the heat, raising concerns. Simultaneously, the government has also reduced the wheat production estimate as there is a drought situation in northern India. A total of 42 economists were included in the survey conducted between July 4 and 8. He said that the Consumer Price Index (CPI) may remain at 7.03 percent in June, which was 7.04 percent in May.
Data will be released this week
The government will release the retail inflation data this week. The survey estimates that the inflation rate may remain above 7 percent. If this happens, then this will be the third consecutive month that the rate of retail inflation will remain above 7 percent. Barclays Chief Economist Rahul Bajoria said that although many services and goods will see higher inflation, the steps taken by the government will show some impact on domestic prices.
RBI had increased the rate by 0.90 percent
RBI had increased the repo rate by 0.90 percent in May and June to control inflation. Due to this, banks have made all types of loans expensive. At the same time, there is a possibility of increasing the rates going forward. However, many economists believe that the rate of retail inflation will remain above 6 percent till December. In such a situation, the RBI will have to continue raising rates to bring it to its target.
Rupee crosses 79.43
On Monday, the Indian rupee once again hit a record low against the dollar. It crossed the level of 79.43 in the day's trading. Earlier it had set a record level of 79.37. It closed at 79.25 on Friday.
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