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Retail Inflation Data: The burden of inflation has once again increased on the common man. In January 2023, the retail inflation rate has once again crossed not only 6 but has crossed six and a half percent. In January 2023, the retail inflation rate has reached 6.52 percent with a big jump. While the retail inflation rate in December 2022 was 5.72 percent. In January 2022, the retail inflation rate was 6.01 percent.
This is the reason for the increase in retail inflation
If we look at the reasons for the increase in retail inflation, the inflation rate of food items has reached 5.94 percent in January, which was 4.19 percent in December 2022. Means food items have become costlier in January. In January 2022, the inflation rate of food items was 5.43 percent. In January 2023, the effect of expensive milk is visible on the retail inflation rate. The inflation rate of milk and products made from it has been 8.79 percent. Spices have also become costlier and the same inflation rate has been 21.09 percent. The inflation rate of cereals and products has been 16.12 percent. While the inflation rate of meat and fish has been 6.04 percent, that of eggs has been 8.78 percent. The inflation rate of greens and vegetables is negative and it has been -11.70 percent. The inflation rate of fruits was 2.93 percent. The inflation rate of pulses has been 4.27 percent.
Debt can get more expensive!
Rising retail inflation is an alarm bell. Earlier in November and December 2022, the tolerance band of retail inflation had come down to 6 per cent. Despite this, on February 8, 2023, the RBI increased the repo rate by a quarter percent to 6.50 percent. Now that once again the retail inflation rate has reached outside the tolerance band of RBI, the risk of loans becoming more expensive has increased again. There will be a meeting of RBI’s monetary policy in April 2023, in which a decision will be taken on the repo rate.
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