The Consumer Price Index (CPI) inflation for October is recorded at 6.21 per cent on year-on-year basis. Corresponding inflation rates for rural and urban are 6.68 per cent and 5.62 per cent, respectively, Ministry of Statistics and Programme Implementation (MoSPI) said on Tuesday.
India’s inflationary pressures are back in the spotlight, as food prices surge amid unpredictable weather patterns and shifting global dynamics.
Speaking at a media event, the Governor assured that the RBI is prepared to act with strength and agility, likening the Indian economy to a tiger for its resilience amid fluctuating global conditions.
The total value of these banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, which means less than 2 per cent of them are still in circulation.
However, gold reserves, which form part of the foreign exchange kitty, increased by $1.08 billion to $68.53 billion during the week, according to the central bank.
The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) has decided to keep the policy rate unchanged at 6.5 per cent with a majority vote of 5 : 1.
India’s central bank faces a critical decision as it navigates the delicate balance between supporting economic growth and maintaining inflation control.
The six-member committee began deliberations on interest rates and analysing the state of the economy amid tensions in the Middle East. The RBI Governor will announce the MPC decision on October 9.
The RBI, in its statement, said the agreement would be valid till June 18, 2027.
The broader market's focus will be on the RBI's Monetary Policy Committee (MPC), which is scheduled to meet from October 7 to 9, with the outcome to be announced on Wednesday, October 9.
