Virtually participating in 'Reuters NEXT' event, the finance minister also acknowledged that inflation due to imports of commodities like crude oil is going to persist.
Though the government moved early to curb exports of key grains to ensure food security and price stability, untimely rains pushed up food prices
With about 60 percent of the world’s 75 poorest countries already in or at risk of debt distress, finance chiefs ranging from Treasury Secretary Janet Yellen to Zambia’s Situmbeko Musokotwane urged richer nations to do more to help vulnerable ones restructure their debt
Inflation has been above the RBI's quarterly projections in the bi-annual monetary policy report (MPR) in eight out of the last 10 quarters until September, while retail price rise exceeded the 4%-6% mandated target band since January.
Higher food prices could prompt New Delhi to slap additional restrictions on exports of food commodities such as rice, wheat, and sugar, and potentially force the Reserve Bank of India to raise interest rates again.
The joint statement from heads of the Food and Agriculture Organization, International Monetary Fund, World Bank Group, World Food Programme, and World Trade Organization comes hours after Russian President Vladimir Putin announced a "partial military mobilisation."
The surprisingly firm inflation readings reported by the Labor Department on Tuesday were despite an easing in global supply chains, which had contributed to a surge in prices earlier in the year.
According to the data, the retail inflation inched up to 7 per cent in August from 6.71 per cent in July.
Only a sharp fall in global prices of crude oil, coal and other key imports can narrow India’s trade deficit. Meanwhile, India will have to live with a volatile rupee
Russia, the largest exporter of wheat in the world, must be allowed to export its grain, to cool food prices and interest rates, and boost global growth
The Food and Agriculture Organization's (FAO) food price index, which tracks the most globally traded food commodities, averaged 157.4 points last month versus 158.3 for April.
The full effect of the spike in crude oil and global energy prices following Russia's invasion of Ukraine in late February is not expected to appear in consumer prices until April as the pass-through to consumers at fuel pumps was delayed.
WPI inflation has remained in double digits for the tenth consecutive month beginning April 2021. Inflation in December 2021 was 13.56 per cent, while in January 2021, it was 2.51 per cent.
Turks are grappling with soaring inflation, watching prices rise daily as the lira has plunged against the dollar and their salaries and pensions no longer cover even the staples of life.
If crude prices harden, it could have a cascading effect, negating the fuel tax cut gains that lowered petrol and diesel prices. Costlier transport fuel could make most other goods dearer as the cost of ferrying products across India becomes expensive
The October reading was the highest for the index since July 2011. On a year-on-year basis, the index was up 31.3% in October.
Science alone can provide the answer to challenges posed by increasing possibility of droughts, excessive rains in a short period, higher temperatures, rising sea levels and shorter monsoons. Any government concerned with food security should be according highest priority to tackling climate change
With wholesale inflation hitting a record 12.9 percent in May, and fuel prices continuing to soar, the Centre is now shifting the blame to states, high global commodity prices and a low base effect.
High prices can improve realisations. India can also step up exports of food grains and reduce the inventories in the domestic market
Kitchen staples cooled retail inflation in December, but pulses played spoilsport.
The wholesale price index bears out the PMI data on firms starting to pass on input price hikes, with the highest month-on-month increase in the manufactured products index in years
India now has one of the highest inflation rates in the world
Inflation in food articles during June stood at 2.04 percent, as against 1.13 percent in May. In fuel and power basket, deflation stood at 13.60 percent in June, against 19.83 percent in the previous month.
"The annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at (-) 3.21 percent (provisional) for May 2020 as compared to 2.79 percent during the corresponding month of the previous year," the commerce and industry ministry said in a statement.
In the wake of the coronavirus pandemic, the Reserve Bank of India (RBI) on March 27 cut the repo rate by 75 basis points to 4.40 percent versus 5.15 percent earlier