Lakshadweep was the only UT where the urban inflation rate was in double digits in June
Review released by ministry also said that global headwinds would continue to pose downside risk to growth as crude oil and edible oils, remain major imported components
Impact on CPI inflation to come later, rupee depreciation to negate some of this impact
The dollar resumed its relentless rise on Thursday, driven by both expectations for faster Federal Reserve policy tightening and safe-haven flows amid growing fears of a recession
The Reserve Bank of India (RBI) hiked the benchmark interest rate, or repo rate, in May and then in June to control demand and liquidity in the economy
According to MPC's own projections, the inflation rate may not come down below 6% on average before the fourth quarter of the current financial year
Inflation as measured by the CPI index stood at 7.04 in May 2022, higher than the Reserve Bank of India's (RBI's) comfort zone of 2 - 6 per cent
Failure to keep inflation between 2-6% for three straight quarters will require RBI Governor to explain to FinMin why target was missed, and steps MPC will take to achieve it going forward
FMCG, construction materials were among other sectors to see large outflow, while metals, power, discretionary consumption and telecom saw inflows
With no end in sight to Russia's invasion of Ukraine, commodity prices remain elevated and supply chains remain disrupted
CPI inflation was 7.04% in May. In its June policy review, the MPC raised repo rate by 50 bps to 4.9%, taking the total tally of rate hikes since May to 90 bps
Paints an encouraging picture of economic activity gaining strength, with most GDP constituents exceeding their pre-pandemic levels
Consumer price index-based inflation, the yardstick of the RBI in monetary policy making, was, on average, above 6 per cent during the January-March quarter
Peaking of inflation, analysts believe, could put a cap on bond yields and a floor on equity valuations
Basu further said India's big challenge is unemployment and joblessness as youth unemployment in India is over 24 per cent, which is among the highest in the world
But experts call for other fiscal measures too to bring inflation down
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The Reserve Bank of India (RBI) has revised downwards its growth projection for FY23 to 7.2 per cent from 7.8 per cent earlier
Exchange rate stabilisation will import high tradeables inflation into India
March inflation has surged to 6.95% in India. The government, however, is keen to share some burden if oil prices remain above $ 110 per barrel mark. But is there a relief in the offing?