The common man has suffered a tremendous setback on the inflation front. In the case of inflation, the record of the last 8 years was broken in April. According to government data released on Thursday, the Consumer Price Index (CPI) based retail inflation rose to 7.79% in March. There has been a tremendous increase in the inflation rate due to the increase in fuel prices and food items. The consumer price-based inflation data remained well above the Reserve Bank of India’s (RBI) upper tolerance limit for the fourth consecutive month. RBI has been ordered by the Center to keep retail inflation in the range of 2 per cent to 6 per cent. Retail inflation was 6.95 per cent in March.
RBI was apprehensive
Let us inform that amidst record-breaking inflation, RBI announced last week to increase its repo rate for the first time in four years. It increased it by 40 basis points (bps) to 4.40 per cent in an off-cycle meeting earlier this month. The RBI had given information about this through a sudden press conference. Let us tell you that the inflation rate has increased at the global level. On the global front, the US Federal Reserve also increased its interest rate by 50 bps, the highest in 22 years.
Also read- Upper circuit in this penny stock, shares increased from Rs 1 to Rs 8 in a jolt, 558% return to investors