Page 56 - Inflation

Sensex drops 879pts, Nifty near 18,400 on Fed's hawkish pivot; IT worst hit

CLOSING BELL: The 30-pack index had dropped over 900 points intra-day to hit a low of 61,715.61, while the 50-pack index hit a low of 18,388

Govt wants to discuss global warming over joblessness: TMC MP Derek O'Brien

TMC MP Derek O'Brien on Thursday listed a slew of issues that the opposition parties want to discuss in Parliament and claimed that the government only wants to discuss global warming. On Wednesday, opposition parties met and strategised on issues they would raise in Parliament. "Opposition parties including TMC want #Parliament to discuss now: 1. Federal structure. Economic blockade destabilizing state govts 2. NE issues, focus Meghalaya 3. Unemployment 4. Price rise 5. Misuse of central agencies 6. China GOVT STUNT. To avoid these, discuss Global Warming," tweeted O'Brien.

Finnish inflation rate hits highest since 1983; consumer prices rise by 9%

Inflation in Finland has continued to accelerate, with consumer prices rising by 9.1 per cent in November compared to a year ago, the highest since 1983, according to official figures

Inflation to decline more; govt on track to meet fiscal deficit target: FM

Finance minister Nirmala Sitharaman on Wednesday exuded confidence that inflation would further decline and the government is on track to meet its budgetary target for deficit and said that there is no fear of stagflation in India. Replying to the debate on first batch of Supplementary Demands for Grants 2022-23 in Lok Sabha, the finance minister said inflation has come down and it is now in the tolerable band of the RBI. Inflation has been declining since April 2022 and it is declining further, she said. As per the law, Monetary Policy Committee headed by RBI Governor has been given task of maintaining inflation at 4 per cent with the upper tolerance limit of 6 per cent and the lower tolerance limit of 2 per cent. "We will bring it down further for the sake of common people," she quipped saying the issue is being raised by Congress during whose regime inflation was in double digit. Prime Minister Narendra Modi and his group of ministers are constantly watching and making periodic

Dollar wallows at six-month lows ahead of last Fed meeting of 2022

After raising interest rates by 75 basis points at four successive meetings, the US central bank is widely expected to deliver a 50 bp increase later in the day

ADB keeps India's GDP growth unchanged at 7% for current financial year

Asian Development Bank (ADB) has kept its outlook for India's economic growth unchanged at 7 per cent for the current fiscal year while forecasting a weaker-than-previously expected pace for developing Asia. ADB's 7 per cent growth projection for fiscal 2022-23 (April 2022 to March 2023), unchanged from its September forecast, compares to 8.7 per cent GDP growth in 2021-22. For 2023-24, the GDP growth has been kept unchanged at 7.2 per cent. The Manila-based ADB in a report on Wednesday saw Asia expanding 4.2 per cent this year before accelerating to 4.6 per cent in 2023. These projections compare to the previously estimated expansion of 4.3 per cent and 4.9 per cent, respectively. "Despite recent global headwinds, the Indian economy is expected to grow by 7.0 per cent, as projected in the Update, supported by a strong domestic base. "While some recent high-frequency indicators are more favourable than expected -- notably consumer confidence, electricity supply and purchasing ...

Govt will further bring down inflation: FM Sitharaman in Lok Sabha

Finance Minister Nirmala Sitharaman on Wednesday assured the Lok Sabha that the government will take measures to further ease inflation, which has dipped below the RBI's upper tolerance level of 6 per cent. Retail inflation has moderated to an 11-month low of 5.8 per cent in November from 6.77 per cent in the previous month. "We will bring down further for the sake of common people," she said while replying to a discussion on the first batch of Supplementary Demands for Grants 2022-23 in the Lok Sabha. The government is constantly watching the price situation of essential commodities, she said. The finance minister made it clear that there is no fear of stagflation as India is one of the fastest-growing economies with low inflation levels. With regard to fiscal deficit, the finance minister said the government would be able to meet the fiscal deficit target of 6.4 per cent of the GDP for the current financial year. The government is committed to the path of fiscal consolidation,

India's November wholesale inflation eases to 21-month low of 5.85%

WPI-based inflation remained below the double-digit mark for second consecutive month in November

Bludgeoned bond markets hope peak inflation to bring revival: Analysis

Many of the world's big bond fund managers are optimistic that sovereign debt markets have turned a corner after a rout in 2022 with peak inflation and interest rates finally in sight

Sensex surges 403 pts; Nifty tops 18,600; PSU Bank index leaps 4%, IT 1%

CLOSING BELL: IndusInd Bank, Bajaj Finance, M&M, Tech M, HCL Tech, Infosys, TCS, Ultratech Cement, and Bajaj Finserv were the top gainers on the 30-pack index

Nov inflation down, RBI's rate hike in Feb could be modest: CARE Ratings

With core inflation continuing to be high, credit rating agencies like Acuite Ratings & Research and CARE Ratings do not expect any significant downtrend in the retail inflation for the next few months.

Real rates turn positive as inflation eases; peak in sight: Report

India's real interest rate has turned positive after headline retail inflation eased below 6% for the first time this year, analysts said, suggesting that the peak policy rate is now close

UK manufacturers are sitting on a $29 bn pile of unfinished goods

The poll showed 72% of the 631 companies in Britain are facing the inventory logjam tied to a lack of components, materials or ingredients

FMCG firms staring at muted revenue growth amid inflation, low rural demand

Sluggish rural demand along with higher inflation is set to mute revenue growth of the fast-moving consumer goods (FMCG) sector at 7-9 per cent this fiscal and the next compared to 8.5 per cent in the previous fiscal, a report said. Almost 40 per cent of the Rs 4.7-lakh-crore sector come from the hinterland markets, which have been hit by high inflation, low wages and high job losses since the Covid pandemic. Revenue growth of the FMCG sector will be muted at 7-9 per cent this fiscal and the next compared to 8.5 per cent in the last, while volume growth will be just about 1-2 per cent, down from 2.5 per cent last fiscal, Crisil said in a report on Monday. The report attributes the tepid revenue growth to the many price hikes the FMCG companies effected during the year to cushion the impact of surging input costs. Next fiscal too, the sector should see almost similar pace of growth as inflation is likely to remain high but will improve if prices moderate, the report added. The agen

Govt not to make public RBI report on reasons for inflation target breach

The government on Monday ruled out making public the RBI report detailing the reasons why the central bank could not keep inflation within the targeted 6 per cent upper limit for the three consecutive quarters. "Yes sir, RBI has furnished a report to the central government, as mandated under Section 45ZN of the RBI Act, 1934 and Regulation 7 of RBI Monetary Policy Committee and Monetary Policy process Regulations, 2016," minister of state for finance Pankaj Chaudhary said in a written reply. The said provisions of the RBI Act, 1934, and regulations therein does not provide for making the report public, he said. The average inflation was above the upper tolerance level of the inflation target, that is 6 per cent for 3 consecutive quarters during January-September, 2022. During the January-March quarter, the average inflation was 6.3 per cent, in April-June period it was 7.3 per cent and it eased to 7 per cent in September quarter. It was the first time since the monetary policy ...

Govt not to make RBI report on MPC's first-ever inflation failure public

MPC is said to have failed to achieve inflation target if average CPI inflation falls outside 2-6% range for three straight quarters. This was the case in the three quarters from Jan to Sept of 2022

Retail inflation drops to 11-month low of 5.88%; factory output drops

This is the first time in 11 months that the retail inflation print has come within the RBI's tolerance band of 4% (+/-2%)

UK economy shrinks 0.3% in 3 months through October as inflation soars

Britain's economy shrank in the three months through October, confirming the toll that rampant inflation and rising interest rates are having on business and industry. Gross domestic product, the broadest measure of economic activity, fell by 0.3 per cent in the period when compared with the three months through July, the Office for National Statistics said Monday. The decline came even as estimates showed GDP increased by 0.5 per cent in the month of October after a 0.6 per cent drop in September, when economic activity was artificially reduced by an extra public holiday to mark the death of Queen Elizabeth II. Despite the rebound in October, there is still a good chance the British economy will shrink for a second consecutive quarter in the last three months of this year, according to Martin Beck, chief economic adviser to the EY Item Club. Two consecutive quarters of declining output is one definition of a recession. Britain doesn't have an independent body that declares recessi

Sensex, Nifty end flat ahead of inflation data; HDFC duo, RIL lend support

CLOSING BELL: The benchmark indices sought support from financial and metal stocks with their respective indices climbing 0.2 per cent & 0.4 per cent. On the downside, the IT index fell 0.4 per cent.

Bangladesh asks banks to relax LC margin rate for essential food items

Bangladesh's inflation decreased to 8.85 per cent in November from 8.91 per cent in October