Inflation: In the rising heat, the temperature of inflation is also increasing. Inflation hit a new record in March and India’s retail inflation rose to 6.95%. This information is revealed by government data released on Tuesday. Inflation as measured by the Consumer Price Index or CPI stood at 6.07% in the month of February. Retail inflation was recorded at 6.01% in January. At the same time, in the last first March, the retail inflation rate was 5.52%.
Food inflation rose to 7.68% in March from 5.85% in February. Let us tell you that this is the third consecutive month when the inflation rate has crossed the RBI’s upper limit of 6%.
what is the reason
The Russia-Ukraine war has disrupted the respective supply chains, affecting global grain production, supply of edible oils and fertilizer exports. Due to this, food items have become expensive.
Prices of palm oil, the world’s most widely used vegetable oil, have risen nearly 50% this year. The rise in food prices is increasingly felt by millions of people living below the poverty line.
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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.
US inflation at 40-year high
US consumer prices rose 8.5% annually in March, the highest since December 1981. This is the highest in 40 years.