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| Inflation has increased again. This is because of the high prices of food items. However, the Reserve Bank of India has changed the inflation forecast. Because the war between Russia and Ukraine is affecting many things. New Delhi, Business Desk. Inflation has increased again. According to government data released on Tuesday, the country's retail inflation stood at 6.95 percent in March. This increase was due to the increase in the price of food items. In February this figure was 6.07 percent. Inflation is measured by the Consumer Price Index. Food inflation rose to 7.68% in February. Whereas earlier it was at 5.85%. Above the Reserve Bank's inflation rate forecast for the third consecutive month Investors may be worried about the retail inflation data as it is above the Reserve Bank's forecast for the third consecutive month. The jump in food prices comes from supply chain disruptions related to the Russo-Ukraine war. This is disrupting global grain production, supply of edible oils and fertilizer exports. Food prices constitute almost half of the inflation basket. |
Palm oil prices up almost 50% this year
Palm oil prices, the most widely used vegetable oil in the world, have increased by almost 50% this year. The rise in food prices is most affecting millions of people living below the poverty line, who have already lost their jobs due to the Covid pandemic. Index of Industrial Production (IIP) up 1.7% in February Meanwhile, the Index of Industrial Production (IIP) rose 1.7% in February, as against 1.3% in January. In December last year, IIP growth had come down to a 10-month low of 0.4 per cent. Let us tell you that the Reserve Bank of India has changed the inflation forecast in its first review of monetary policy last week. According to him, the Russia-Ukraine war is making a big impact. This has affected the supply of crude oil, palm oil and other goods. Prices continue to remain high and this is a dangerous situation for the global economy. |
