CryptoPolyTech.com
Crypto, Politics, Tech, Gaming & World News.

India December inflation likely picked up to 5.87% on rising food costs: Poll | CPT PPP Coverage

 | cutline • press clip • news of the day |

Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE

200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |

View more Headlines & Breaking News here, as covered by cryptopolytech.com


India December inflation likely picked up to 5.87% on rising food costs: Poll appeared on www.moneycontrol.com by .

January 10, 2024 / 07:36 AM IST

India December inflation likely picked up to 5.87% on rising food costs: Poll

India’s retail inflation likely edged up in December on higher food prices but stayed within the Reserve Bank of India’s target range for a fourth consecutive month, according to a Reuters poll of economists.

Food prices, which account for about half of the inflation basket, rose in November and remained elevated last month, largely led by vegetable prices and household staples.

Story continues below Advertisement

Inflation, measured by the annual change in the consumer price index (CPI), rose to 5.87% in December from 5.55% in November, according to the median view from the Jan. 5-9 Reuters poll of 56 economists.

Forecasts ranged from 5.00% to 6.40%, with around one-third predicting inflation to hit 6.00% – the upper bound of RBI’s 2%-6% target range – or above.

“Food inflation continues to drive headline inflation higher … pulses, spices and vegetables have been firing up inflation and now even fruit prices are joining the fray,” said Kunal Kundu, India economist at Societe Generale.

The RBI had raised the repo rate by a total 250 basis points (bps) since May 2022 in efforts to cool surging inflation, but has left them unchanged since April 2023 as price pressures eased. It is expected to keep the repo rate at 6.50% until at least the second half of this year, a separate Reuters poll found.

The poll showed headline inflation is expected to remain above the medium-term target of 4.00% in coming months, and average 4.8% in the fiscal year starting in April.

“While we don’t expect a sustainable return of headline inflation to 4% even over the next year, the December reading is likely to be the peak going forward,” said Suvodeep Rakshit, senior economist at Kotak Institutional Equities.

Story continues below Advertisement



FEATURED ‘News of the Day’, as reported by public domain newswires.

Find more, like the above, right here on Cryptopolytech.com by following our extensive quiclick links appearing on images or [NEWSer CHEWSer].
View ALL Headlines & Breaking News here.

Source Information (if available)

This article originally appeared on www.moneycontrol.com by – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.

We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.

CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.

We compile ‘news of the day’ content in an unbiased manner and contextually classify it to promote the growth of knowledge by sharing it just like India December inflation likely picked up to 5.87% on rising food costs: Poll

First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!

You might also like