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.
Sri Lankan President Gotabaya Rajapaksa, who is facing an economic crisis, has fled the country a
Petrol Diesel price today: What is the rate of petrol and diesel in your city, check by SMS
In the international market, the price of crude oil is increasing again and the price of Brent cr
Military Chopper Crashed: Army chopper crashes in Arunachal, there is no road to reach the spot
A major accident happened in Arunachal Pradesh on Friday morning. An army helicopter crashed near
A big lapse has come to light in the security of Bollywood superstar Salman Khan. Within two days
Exercise Cobra Warrior: An Indian Air Force contingent comprising 145 air warriors today departed
Strong earthquake tremors were felt in Taiwan on Wednesday morning. This earthquake was so strong
After the indecent comment made by Bhagwatcharya Aniruddhacharya on women, Shri Krishna Janmabhoo
Electric vehicles policy is ready in 18 states, know! How is the car market changing?
In the last few years in India, the central government has not only emphasized increasing the con
The recent order of the Supreme Court to remove stray dogs from the streets of Delhi-NCR and send
Semiconductor Capital, $600 Billion Economy... Attack on Taiwan also damages you
Despite all the warnings from China, US Parliament Speaker Nancy Pelosi's visit to Taiwan has sti
