Strange India All Strange Things About India and world

“The rise in wholesale inflation is quite alarming,” said economist, Ved Jain”The rise in wholesale inflation is quite alarming,” Ved Jain, economist and former president of the Indian Chartered Accountants of India, told NDTV and added that “inflation has become a big challenge for the common man.”Wholesale price inflation rose sharply to a four-month high of 14.55 per cent from a year ago, marking the 12th straight month of double-digit prints. The Reserve Bank of India may be forced to act faster on policy tightening after March inflation prints showed the fallout of the Ukraine war pushing energy rates higher was expected to add to the already spiralling price pressures.”(The) RBI has to intervene to control inflation. According to me, the RBI will have to intervene ahead of time,” said Mr Jain.”To control inflation, the RBI has to control the money supply first…Interest rates will increase, which will have an impact on growth and employment…There will be a double impact of inflation on the common man,” said the former president of the Indian Chartered Accountants of India.Retail inflation rose sharply to a 17-month high of 6.95 per cent in March driven by higher oil and food costs.And those high inflation figures are yet to fully reflect the pass-through of fuel rate hikes.After keeping fuel rates steady for nearly four months, state oil retailers restarted price revisions on March 22. Since then petrol and diesel prices were hiked by a total of Rs 10 per litre, respectively, after 14 rate revisions.The latest data showed the Indian crude oil basket prices are rising again, tracking higher oil in global crude markets driven mainly by supply concerns as the Russia-Ukraine war shows no signs of a let-up anytime soon.”Crude oil is becoming expensive again…The effect may be seen next month,” added Mr Jain.

Source link

Leave a Reply

Your email address will not be published.