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.
Household consumption is poised to grow faster in the second quarter of the current fiscal (FY25) as headline inflation eases, with a revival of rural demand already taking hold, the Reserve Bank of India (RBI) said on Friday.
India's retail inflation remained under the crucial 4 per cent threshold for the second consecutive month in August, marking a positive turn for the country’s economic stability.
The Indian rupee’s stability, despite external pressures from weak Asian currencies and rising US bond yields, highlights a nuanced approach by the Reserve Bank of India (RBI) in managing the currency.
The year-on-year inflation rate (3.65 per cent), based on the All India Consumer Price Index (CPI), for the month of August was the second lowest in the last five years.
Corresponding inflation rates for rural and urban areas were 4.16 per cent and 3.14 per cent in August, respectively.
