Retail inflation in India keeps shooting up driven by the high cost of fuel and edible oil to an 8-year high of 7.79%.
The data from the Ministry of Statistics and Programme Implementation on Thursday revealed the retail inflation in India for the month of April reflecting it was due to the higher edible, crude oil, and fuel prices and this was against 6.95% in March.
This is the highest ever since 8.33% in May 2014. Analysts had expected the CPI inflation to be around 7.5%, up from 6.95% in the month of March & 4.23% in April 2021. This reveals that the headline retail inflation has now stayed above the Reserve Bank of India’s 6% upper tolerance level for the fourth consecutive month.
Rural inflation shot up to 8.38% in April as compared to 7.66% in March and 3.75%% in April 2021 while urban inflation stood at 7.09% in April as compared to 6.12% in March and 4.71% in April 2021.
🔴 #BREAKING | Retail #Inflation Surges To 7.79% In April From 6.95% In March https://t.co/U3aJP0x0yD
NDTV's Priyanshi Sharma reports pic.twitter.com/jqgyk21TNo
— NDTV (@ndtv) May 12, 2022
Anchor and journalist Rajdeep Sardesai tweeted, “The big story: India’s retail inflation, as measured by consumer price index (CPI), has risen to 18-month high to 7.79 % in the month of April, breaching upper limit of RBI’s target range for a fourth consecutive time. Surge driven by rising food-fuel prices. A major challenge for GOI.”
The big story: India's retail inflation, as measured by consumer price index (CPI),has risen to 18-month high to 7.79 % in month of April, breaching upper limit of RBI’s target range for fourth consecutive time. Surge driven by rising food-fuel prices. Major challenge for GOI.
— Rajdeep Sardesai (@sardesairajdeep) May 12, 2022
Others also interpret the high inflation surges with the declining wage growth and falling employment. Consumer food price inflation in India has nearly doubled in India since March 2021 according to data disclosed by the National Statistical Office.
The Russia-Ukraine war also kindled prices higher with high fertilizer costs, and crude oil triggering high inflation in India has nearly doubled in India since March 2021. Also, the average annual CPI inflation for FY22 came in at 5.51%, higher than RBI’s projection of 5.30%.
Tamal Bandyopadhyay, Author, and columnist on the other side earlier tweeted, “Have you noticed this? India’s foreign exchange reserves have depleted $44.73 billion in the past 8 months. On Sept 3, 2021, the pile was $642.45 billion. By the end of April, it slipped to $497.73 billion.”
Somehow, the sliding Indian economy is slipping the eye and politicians seem least concerned about it. Right now, heated talks are going on about demolishing the Taj Mahal because a temple was earlier built in that spot. In the South, the Karnataka cabinet pushes the anti-conversion Bill as an ordinance. As one can see, when starvation may hit the common citizen, perhaps then it may be too late to open one’s eyes to unite and deal with the real issues India is facing. “Sri Lanka voted for communalism and starved in the end” is what a lot of people in India are starting to say.
Have you noticed this? India’s foreign exchange reserves have depleted $44.73 billion in past 8 months. On Sept 3, 2021 the pile was $642.45 billion. By end April, it slipped to $497.73 billion.
— Tamal Bandyopadhyay (@TamalBandyo) May 10, 2022