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The government and the Reserve Bank of India (RBI) are making constant efforts to control the ever-increasing inflation in the country. But despite all the efforts, the inflation rate in the country has reached a new record. Meanwhile, Union Petroleum Minister Hardeep Singh Puri has given a big statement on the issue of inflation and has defended the central government citing other countries.
On Thursday, Hardeep Singh Puri said that the economies of other big countries of the world are facing the sharpest inflation as well as a sharp decline in the standard of living since the Second World War. This is a phenomenon and we are in a position to control rising prices to the extent we have the ability to control them.
Significantly, retail inflation in the country has increased to an eight-year high in the month of April. According to government data, the retail inflation rate has gone up to 7.79 percent. Apart from this, wholesale inflation has also remained in double digits and has crossed the level of 15 per cent in April.
OPEC, allies agree to increase crude oil production
Organization of the Oil Exporting Countries (OPEC) and allies including Russia will increase crude oil production to 6,48,000 barrels per day in July and August. This move will provide some relief to the global economy affected by high energy prices and consequently rising inflation. The decision of OPEC and allies (OPEC Plus) will be helpful in speedy restoration of cuts made during the pandemic. The group was producing 4,32,000 barrels per day every month to gradually reinstate production cuts from 2020. Contrary to the plan, the decision to sharply increase production has been taken at a time when petrol prices in the US have reached a record high due to rising crude oil prices. There are fears that high energy prices will slow down the pace of recovery in the global economy recovering from the pandemic.