- RBI Guv Das expressed optimism that October’s inflation print will be lower than 7.7%
- Retail inflation rose to 7.4 percent in September, compared with 7% in August.
- This was due to the RBI and govt measures.
India’s Inflation Rate: Shaktikanta, the Governor of Reserve Bank of India(RBI), stated today (November 12th) that price rise is a significant challenge and expressed hope that October’s inflation print would be lower than 7.5%. Due to higher energy and food costs, retail inflation rose to 7.4% in September from 7% in August.
He said that October’s expected moderated inflation was due to the RBI and government measures over the past 6-7 months. Das spoke at an event and stated that there was no need to change inflation targeting. Higher than 6 per cent inflation would harm growth.
The government has given the rate-setting Monetary Policy Committee, headed by the RBI Governor, the mandate to maintain inflation within the 2-6 percent range. Das stated that the Indian economy is strong, and the growth prospects look good.
“We expect the October figure, which will come out on Monday, to be less than 7 percent.” He said that inflation is a concern and is being dealt with effectively.
He stated that both the RBI (or government) have taken many steps to curb inflation in the last six or seven month.
He said that the RBI increased the interest rates while the government announced a number of supply side measures.
(With PTI inputs
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