Central bank’s rate-setting body felt that it was time to assess impact of past hikes, while also staying ready to increase interest rates again if needed, said RBI Governor Shaktikanta Das.
Average price of 1L milk is Rs 56.8 — up from Rs 51.4 last yr. Since October 2022, inflation in milk prices has outpaced general rate of price rise in India. Higher demand another factor.
Growth in the country's dominant services industry eased last month from February's 12-year high due to a softer expansion in demand, according to a private survey.
WPI is dragged down by a fall in overall input costs for manufacturers on the back of favourable commodity prices. It was recorded at 4.73 per cent in January.
While saying that higher interest rates affect growth more than inflation, the two members said raising rates further could result in 'unacceptably low' growth in 2023-24.
At a post budget industry event in Jaipur Monday, the Finance Minister noted that inflation is unique to each country in the emerging markets & the RBI will take the required steps.
Retail inflation went up from 5.7% in December to 6.5% in January, largely driven by food prices, while India's Wholesale Price Index based inflation fell to 2-year low of 4.73% in January.
Fuel and power inflation in January was 15.15%, down from 18.09% in December, while inflation on manufactured products rose 2.99% from 3.37% last month.
From being 1-2% below general rate between Nov 2017 and Feb 2020, inflation in milk & milk products has gone up to at least 2% more than general inflation in past 3 months.
While bond yields tend to fall amid low inflation & interest rate cuts, market experts say they’ve been rising due to concerns over tax collections, fiscal deficit & potential impact of US tariffs.
It is one of the most advanced long-range air defence and anti-missile radars. It has been acquired under an about USD 145-million deal signed in 2020.
In its toughest time in decades because of floods, Punjab would’ve expected PM Modi to visit. If he has the time for a Bihar tour, why not a short visit to next-door Punjab?
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