Domestic natural gas prices doubled; CNG, cooking gas to get costlier

New Delhi [India]: Domestic natural gas prices will be more than doubled to USD 6.10 per million British thermal unit (mmBtu) effective from April 1, 2022, from the current USD 2.90 per mmBtu, Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum and Natural Gas announced on Thursday.

The new price will be effective for the first six months of the financial year 2022-23.
“In accordance with Para 8 of the ‘New Domestic Natural Gas Pricing Guidelines, 2014’ issued vide Ministry of Petroleum and Natural Gas, Govt of India, F.No. O-22-13/27/2012-ONG-D-V dated 25-10-1014 the price of domestic natural gas for the period 1st April 2022 to 30th September 2022 is $6.10/MMBtu on the Gross Caloric Value (GCV) basis,” Petroleum Planning and Analysis Cell said in a release.

This will result in an increase in the prices of piped cooking gas, CNG and other energy product. Apart from CNG and piped cooking gas, natural gas is also used to produce electricity and fertilisers.

The prices of the natural gas from deep fields will be increased to USD 9.92 per MMBtu for the April-September 2022 period from the existing price of USD 6.13 per mmBtu. (ANI)


9th fuel price spike in 10 days, petrol, diesel dearer by Rs 6.40 a litre

New Delhi [India]: Fuel prices continue to rise with petrol and diesel rates rising by another 80 paise per litre each on Thursday, netting an increase of about Rs 6.40 a litre in nine revisions in 10 days so far.

In the national capital, petrol now costs Rs 101.81 per litre, while diesel is selling at Rs 93.07 per litre. In Mumbai, the petrol and diesel prices have gone up by 84 paise, thus costing Rs 116.72 and Rs 100.94 per litre.
In Chennai, the price of petrol is Rs 107.45 (increased by 76 paise) a litre and diesel is Rs 97.52 (increased by 76 paise) per litre. In Kolkata, the price of petrol is Rs 111.35 a litre (increased by 83 paise) and diesel is Rs 96.22 per litre (increased by 80 paise).

There had been a pause in the revision of fuel prices since November 4 last year, which was broken on March 22, following the crude oil going upwards in the wake of the Russian military operations in Ukraine.

Prices are set to be raised further given the sharp jump in crude oil prices in the international markets. It will have a cascading impact on the prices of other items and lead to inflationary pressure and hurt growth. It will have a cascading effect on the prices of other items.

Meanwhile, Congress has decided to launch a nationwide programme ‘Mehngai Mukt Bharat Abhiyan’ against price rises under which it will organise rallies and marches across the country from March 31 to April 7.

Notably, on November 3 last year the Centre had cut excise duty by Rs 5 per litre on petrol and Rs 10 per litre on diesel to bring down the retail prices across the country.

Following this, several state governments had reduced Value-Added Tax (VAT) on petrol and diesel to provide relief to people. (ANI)

Petrol, diesel prices hiked again; total increase of Rs 3.20 per litre in 5 days

New Delhi [India]: With the hike of 80 paise in prices of petrol and diesel on Saturday, the rates have been increased by Rs 3.20 per litre in five days.

After the latest price revision, petrol in Delhi will be sold at Rs 98.61 per litre and diesel at Rs 89.87 per litre.
The petrol will cost Rs 113.35 after an increase of by 84 paise and after the hike by 85 paise diesel will be sold at Rs 97.55 in the finance capital Mumbai. In Mumbai, the prices are the highest among all the metros cities.

After November last year, on March 22 the fuel prices were hiked for the first time. Since then the prices are continuously increasing.

On November 2 last year the petrol price was hiked by Rs 35 per litre paise and on November 1 the diesel price was raised by 35 paise per litre.

On November 3 last year the Centre had cut excise duty by Rs 5 per litre on petrol and Rs 10 per litre on diesel to bring down the retail prices across the country. Following this, several state governments reduced Value-Added Tax (VAT) on petrol and diesel to provide relief to people. (ANI)

Imran Khan admits Pak faces massive inflation, attempts to link it as global phenomenon

Islamabad [Pakistan] (ANI): Pakistan Prime Minister Imran Khan has admitted that the people in the country are facing massive inflation as prices of commodities and fuel have surged in the nation and stated that the inflation issue keeps him awake at night, a media report said.
Answering a question about skyrocketing inflation during a general public live on-air program on Saturday, Imran Khan said that it was the only problem that “kept [him] awake at night”, reported Dawn. But Imran Khan also said that the current inflation was a “global phenomenon”.
The Prime Minister also noted that when the Pakistan Tehreek-i-Insaf led government came into power, they had to deal with a massive account deficit which led to a surge in the price of imports.
Imran Khan also noted that multiple countries are currently facing a supply shortage issue due to the COVID-19 pandemic.
Stating that the US has spent USD 6,000 billion for the welfare of the people during the pandemic, Imran said that Pakistan spent USD 8bn. “We must compare the situation of both countries,” he added.
The Pakistan Prime Minister also noted that currently, the UK and some European countries face record inflation.
With regard to inflation, Imran Khan also asked the media to keep a “balanced approach” while discussing inflation and to inform citizens of the situation across the world.
Admitting that inflation has affected Pakistanis a lot, Imran said that the salaried class was the most affected due to inflation. (Image source: Instagram)

EU Commissioner says high inflation drivers to remain strong until second half of 2022

Brussels [Belgium] (ANI/Sputnik): European Commissioner for the Economy Paolo Gentiloni said on Tuesday that factors contributing to high inflation in the European Union will diminish, but not earlier than in the second half of the year.
“It is clear that the factors driving to high inflation in the EU will decline, will fade, but probably not as soon as we expected, so probably in the second part of the year and not before, we will have our forecast in February the 11th, the Commission forecast,” Gentiloni said in a doorstop interview on arriving to the Economic and Financial Affairs Council meeting in Brussels. Earlier in the month, the EU Statistics Office revealed data showing that annual inflation in Euro zone is estimated to reach record 5 per cent in December, hitting its highest level in 13 years, with the prices soaring mainly in Lithuania by 10.7 per cent and Estonia by 12 per cent.
As the European Central Bank (ECB) argued, the key drivers of high inflation in the EU include swift reopening of European economy amid slower pace of lifting COVID-19 restrictions and energy prices’ uptick worldwide. The annual inflation rate in the energy sector exceeded 26 per cent last year.
The ECB forecast earlier that the inflation will decrease over the course of 2022. (Image source: Instagram)

WPI inflation falls marginally to 13.56 per cent in December

New Delhi [India] (ANI): India’s wholesale price index (WPI) based inflation declined marginally to 13.56 per cent in December 2021 from 14.23 per cent recorded in the previous month, the government data showed on Friday.
A sharp rise in fuel prices has kept WPI inflation in double digits for the nine months in a row. Fuel and power prices rose by 32.30 per cent in December 2021 year-on-year. However, the price rise in fuel and power eased in December as compared with November when it stood at 39.81 per cent.
The rate of inflation based on WPI Food Index increased from 6.70 per cent in November 2021 to 9.24 per cent in December 2021.
Manufactured products inflation eased from 11.92 per cent in November to 10.62 per cent in December. However, primary articles inflation rose to 13.38 per cent in December from 10.34 per cent in the previous month, according to data released by the Ministry of Commerce and Industry.
The increase in prices is mainly contributed by manufacture of textiles; chemicals and chemical products; fabricated metal products, except machinery and equipment; electrical equipment and motor vehicles, trailers and semi-trailers. Some of the groups that have witnessed decrease in prices are manufacture of basic metals; food products; computer, electronic and optical products; wearing apparel and beverages. But the prices of manufacture of rubber and plastics products remain unchanged in December 2021 as compared to November, 2021.
“The annual rate of inflation is 13.56 per cent (Provisional) for the month of December 2021 (over December 2020) as compared to 1.95 per cent in December 2020,” it said.
The high rate of inflation in December 2021 is primarily due to rise in prices of mineral oils, basic metals, crude petroleum and natural gas, chemicals and chemical products, food products, textile and paper and paper products etc as compared to the corresponding month of the previous year.
The month over month change in WPI for the month of December 2021 stood at (-) 0.35 per cent as compared to November 2021. (Image source: Instagram)

Retail inflation rises to 5.59 per cent in December, highest in 6 months

New Delhi [India] (ANI): India’s retail inflation rose to a six-month high of 5.59 per cent in December 2021 as compared to 4.59 per cent recorded in the same month of 2020, the government data showed on Wednesday.
There has been a consistent rise in the inflationary pressure in the past six months. Consumer Price Index (CPI) inflation stood at 4.91 per cent in November 2021. The retail inflation is inching closer to the Reserve Bank of India (RBI) upper tolerance limit of 6 per cent.
Rise in retail prices was sharper in urban areas than the rural areas. Consumer Price Index (CPI) inflation rose 5.83 per cent in urban while it stood at 5.36 per cent for rural during the month of December 2021, according to the data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation.
Food prices rose sharply. Consumer Food Price Index (CFPI) based inflation surged to 4.05 per cent in December 2021, sharply higher from 1.87 per cent recorded in the previous month. CFPI based inflation stood at 3.41 per cent in December 2020.
Urban retail food inflation surged to 5.08 per cent in December 2021 from 3.33 per cent in the previous month.
Rural retail food inflation jumped to 3.46 per cent in December 2021 from 1.09 per cent recorded in November 2021. (Image source: Unsplash)

Pakistan’s inflation surges again as food prices rise

Pakistan PM Imran Khan

Islamabad [Pakistan]: The recent sharp increase in the food prices in Pakistan has again pushed the inflation up, forcing people to face difficulties amid multiple economic challenges faced by the country, a media report said.
Inflation measured through the Sensitive Price Index (SPI) posted an increase of 0.08 per cent for the week ended on January 6 driven by a sharp increase in the prices of essential food and non-food items, data released by the Pakistan Bureau of Statistics (PBS) showed on Friday, reported Dawn.
The SPI-based inflation showed positive growth after a decline last week. In recent months, the highest weekly inflation jump was recorded last November with rise of 1.81 per cent.
The overall increase was mainly due to an increase of 5.23 per cent in potato price, followed by chicken 4.45 per cent, bananas 2.56 per cent, onions 2.12 per cent, pulse masoor 1.55 per cent, pulse gram 1.46 per cent and pulse mash 1.44 per cent. In non-food items, price of diesel and salt increased by 2.75 per cent each and petrol 2.68 per cent, according to Dawn.
It comes as Pakistan’s trade deficit surged due to the rise in imports.
The country’s trade deficit has surged to USD 24.79 billion during the first half of the current fiscal year, mainly on the back of a 63 per cent year-on-year increase in imports.
Data for the July-December period showed that imports jumped to USD 39.91 bn from USD 24.47 bn a year ago. In contrast, exports during July-December also grew 25 per cent to USD 15.13bn compared to the year-ago period, reported Dawn.

Inflation, Omicron major risks to Indian economy: RBI

Mumbai [India]: Inflation and COVID-19 new variant Omicron pose major challenges to the Indian economy, the Reserve Bank of India (RBI) said on Wednesday.
In the Reserve Bank’s latest Systemic Risk Survey (SRS), all broad categories of risks to the financial system – global; macroeconomic; financial market; institutional; and general – were perceived as ‘medium’ in magnitude, but risks arising on account of global and financial markets were rated higher than the rest. “Commodity prices, domestic inflation, equity price volatility, asset quality deterioration, credit growth and cyber disruptions were rated as the major risks,” according to the 24th issue of the Financial Stability Report (FSR) released by the RBI.
The central bank noted that the global economic recovery has been losing momentum in the second half of 2021 in the face of resurfacing COVID-19 infections, the new variant Omicron, supply disruptions and bottlenecks, elevated inflationary levels and shifts in monetary policy stances and actions across advanced economies and emerging market economies.
On the domestic front, progress in vaccination has enabled the recovery to regain traction after the debilitating second wave of the pandemic, notwithstanding signs of slowing pace more recently; the corporate sector is gaining strength and bank credit growth is improving.
The Financial Stability Report (FSR) is published bi-annually and includes contributions from all the financial sector regulators. Accordingly, it reflects the collective assessment of the Sub Committee of the Financial Stability and Development Council (FSDC-SC) on risks to financial stability.

Omicron, inflation, FIIs, major factors behind panic selloff at Dalal Street

Mumbai [India]: The Indian equities markets benchmark indices Sensex and Nifty have slumped more than 11 per cent from their peaks. Technically the markets have now entered the correction zone. This has happened for the first time since March 2020. The markets witnessed panic selling on Monday. The key indices slumped over 3 per cent leaving equity investors poorer by a staggering around Rs 10 lakh crore.
The benchmark Sensex dipped to a low of 55,132.68 points on Monday trade, which is 11.42 per cent down from its high of 62245.43 points reached on October 19, 2021. More than 10 per cent of decline from the peak is referred to as correction.
What is causing this massive selloff at the Dalal Street? There are multiple factors. Exploding COVID cases due to the new strain Omicron, rising inflation and sustained selling by the Foreign Institutional Investors (FIIs) are among the key factors driving the markets down.
The biggest trigger has come from the renewed COVID-19 pandemic concerns. COVID-19 cases have started rising sharply across the world due to the new strain Omicron. The Netherlands has imposed lockdowns. Several other countries are also putting restrictions and may impose lockdowns ahead of the Christmas and New Year holidays. The UK and other European countries are among the worst affected by Omicron variant. There is a growing fear that the restrictions and lockdowns may derail the global economic recovery.
The cases of Omicron, the new strain of Coronavirus, have been rising in India also. New cases were reported in several states on Monday taking the nationwide tally to 170. Maharashtra is the worst affected with 54 Omicron cases. Delhi is the second-worst hit with 28 cases of the new COVID variant.
The broader Nifty 50 of the National Stock Exchange has also entered the correction zone with more than 10 per cent decline from its peak. The Nifty 50 touched a low of 16,410.20 points on Monday, which is 11.79 per cent lower from its all-time high of 18,604.45 points achieved on October 19, 2021.
Equity investors’ wealth has been eroded by 22.12 lakh crore from their peak touched on October 19. Market capitalisation of BSE listed companies dropped to Rs.252,57,581.05 crore on December 20 from Rs.274,69,606.93 crore recorded on October 19, registering a decline of Rs.22,12,025.88 crore.
The recent slump in the market has been triggered by heavy selling by Foreign Institutional Investors (FIIs). The FIIs have been selling in the Indian markets constantly since October. The rise in dollar prices and signals by the US Federal Reserves to hike interest rates are some of the important reasons why FIIs are shifting money from emerging markets like India to developed markets like the US.
The Reserve Bank of India (RBI) is under increasing pressure to hike policy rates after the recent increase in inflation.
Wholesale Price Index (WPI) based inflation rose to 14.23 per cent in November, the highest level in 12 years due to a sharp jump in the prices of oil, basic metals, and food products, as per the official data released last week.
Consumer Price Index-based inflation rose to 4.91 per cent in November. Though the headline inflation remains in the RBI’s target range of 2-6 per cent, the rising trend has put increasing pressure on the central bank to hike policy rates.
In the bi-monthly policy review announced on December 8, the RBI kept key policy rates unchanged for the ninth consecutive time. The repo rate remains unchanged at 4 per cent and reverse repo rate at 3.35 per cent.
If the central bank decides to hike these rates it could negatively impact the economic growth which will have pressure on the companies’ earnings and profits.

Retail inflation rises to 4.91 per cent in November

New Delhi (India): India’s retail inflation rose to 4.91 per cent in November led by a surge in food and edible oil prices, the government data showed on Monday.
The Consumer Price Index (CPI) based inflation accelerated to 4.91 per cent in November from 4.48 per cent in the previous month, as per the data released by the National Statistical Office (NSO). Despite the increase, the headline inflation remains within the Reserve Bank of India (RBI) target range of 2-6 per cent for the fifth consecutive month. The RBI has been mandated to keep retail inflation at 4 per cent with a margin of 2 per cent on either side.
Though there is a rising trend in inflation in recent months, the November 2021 figure is much better than the one recorded during the corresponding period last year. CPI inflation stood at 6.93 per cent in November 2020.
The price rise is sharper in the urban areas than the rural. CPI inflation in urban areas rose by 5.54 per cent in November 2021 while it stood at 4.29 per cent in rural. During October 2021 also the inflationary pressure in urban areas was higher. Urban CPI inflation stood at 5.04 per cent in October 2021 while for the rural areas it stood at 4.07 per cent.
However, one year back the trend was different. During November 2021, the rural inflation was higher at 7.2 per cent as compared with 6.73 per cent for the urban.
The Price data are collected from selected 1,114 urban markets and 1,181 villages covering all States/UTs through personal visits by field staff of Field Operations Division of NSO on a weekly roster.
During the month of November 2021, NSO collected prices from 99.7 per cent villages and 98.4 per cent urban markets while the market-wise prices reported therein were 89.4 per cent for rural and 92.8 per cent for urban, according to a statement released by the Ministry of Statistics & Programme Implementation.
There was a sharp acceleration in food prices during the month of November. Food prices, which contribute to nearly half of the Consumer Price Index, rose 1.87 per cent year-on-year in November 2021, compared with 0.85 per cent in October 2021. Prices of edible oil surged 30 per cent. Retail fuel inflation, though remained at an elevated level, and was lower in November when compared with the previous month. Retail fuel prices rose 13.35 per cent in November year-on-year compared to 14.35 per cent in the previous month.

Pakistan People’s Party stages protest over rising prices, unemployment in Khyber Pakhtunkhwa province

Islamabad [Pakistan]: Pakistan People’s Party (PPP) staged a protest in Khyber Pakhtunkhwa province against rising prices in the country, local media reported that the protesters were also chanting slogans against Imran Khan-led Pakistan government.
The News International reported that a large number of workers and activists of Bilawal Bhutto-Zardari party demonstrated in the headquarters of two districts in Chitral and Booni. “Pakistan Tehreek-e-Insaf government had failed on all fronts owing to flawed economic policies,” the protesters including PPP’s Chitral general secretary Qazi Faisal said, according to the newspaper.
They said that the Pakistan Tehreek-e-Insaf government was a glaring example of mismanagement and failure to fulfil its tall promises made with people on container.
In Booni, PPP Chitral activists Amirullah Khan, Hameed Jalal and others addressed the rally and blasted the Imran Khan-led party rulers for the rampant corruption and inflation.
They said that the poor and youth were compelled to commit suicide due to price-hike and unemployment in the country, as per The News International.
PPP Secretary General Nayyer Hussain Bokhari during a rally stated that the people of Pakistan are facing a tsunami of inflation.
Due to the incompetent government, the people of the country is facing rising power and gas tariffs, high petroleum prices, and rising unemployment, Bokhari said.
Referring to the Pakistani rupee’s depreciation, he said that the dollar was flying high against the country’s currency, stressing the incapable rulers have done nothing but to make people unemployed and demolish their houses.
Earlier, the protest rallies held in Punjab, Khyber-Pakhtunkhwa, Balochistan, Sindh and in other places against the rising inflation, reported The News International.
Emphasising that the people of Pakistan do not stand with Imran Khan, party chief Bilawal Bhutto Zardari in a statement had said that Khan has no right to be the prime minister without public support.

Bilawal Bhutto’s party hold rallies against inflation in Pakistan

Islamabad [Pakistan]: Pakistan People’s Party (PPP) staged demonstrations against price-hike in various cities across the country on Friday with its chief Bilawal Bhutto Zardari saying that the people of the nation do not stand with Prime Minister Imran Khan.
The protest rallies, held in Punjab, Khyber-Pakhtunkhwa, Balochistan, Sindh and in other places against the rising inflation, reported The News International. Emphasising that the people of Pakistan do not stand with Imran Khan, Zardari in a statement said that Khan has no right to be the prime minister without public support.
PPP Secretary General Nayyer Hussain Bokhari during a rally stated that the people of Pakistan are facing a tsunami of inflation.
Due to the incompetent government, the people of the country is facing rising power and gas tariffs, high petroleum prices, and rising unemployment, Bokhari said.
Referring to the Pakistani rupee’s depreciation, he said that the dollar was flying high against the country’s currency, stressing the incapable rulers have done nothing but to make people unemployed and demolish their houses.
Member of National Assembly Khursheed Shah, PPP Sindh President Nisar Khuhro, Provincial Minister Nasir Shah and others addressed rallies against inflation and said that the inept government of the PTI had done nothing for the betterment of people, according to The News International.

Food insecurity increases Pakistan’s woes

Islamabad, [Pakistan] : Pakistan has failed to lift itself out of poverty with the Global Hunger Index (GHI) ranking it 92nd out of 116 nations and with a score of 24.7. The country’s level of hunger is categorised as ‘serious’.
According to Dawn, Pakistan has been able to bring the proportion of the undernourished population down to 12.9 per cent from 21.1 per cent in 2000 but still faces problems related to malnourishment. The Global Hunger Index comprises four indicators including undernourishment, child wasting, child stunting and under-five mortality rate.
The report, jointly published by Concern Worldwide and Welthungerhilfe on global hunger, mentions: “As the year 2030 draws closer, achievement of the world’s commitment to Zero Hunger is tragically distant”.
Further, over the last three years, Pakistan’s double-digit food price inflation, along with dwindling income, has left more Pakistanis food insecure, according to Dawn.
On the other hand, the World Food Programme (WFP) estimates that approximately 43 per cent of Pakistanis are food insecure and 18 per cent of those have acute food insecurity. The WFP contends that affordability is the “greatest barrier in achieving a nutritious diet,” estimating that the majority of Pakistanis are incapable of affording nutritionally acceptable food.

Increase in inflation in Delhi was 2 pc less than national rate in 2020-21, says Manish Sisodia

New Delhi [India]: Delhi Deputy Chief Minister and Finance Minister Manish Sisodia on Friday released the Annual Report of the Price Index for Delhi prepared by the Directorate of Economics and Statistics for the Financial Year 2020-21.
On the occasion, Sisodia said, “In the Financial Year 2020-21, the rate of growth in average annual inflation based on Consumer Price Index (CPI) was 5 per cent nationally while in Delhi this rate was only 3.0 per cent.” In a statement on this report, Manish Sisodia said that the Kejriwal Government is committed to the common man and always stands with him.
During the COVID-19 pandemic, when the inflation rate increased rapidly in the entire country, the Kejriwal Government did not allow an increase in inflation in Delhi.
“The inflation rate increased sharply during COVID in the country and the prices of essential commodities increased. In Delhi, however, the rate of increase in inflation is much lower than that of the entire country even during this period,” the minister said.
Sisodia said that in comparison to the five metro cities of the country, Delhi, Mumbai, Kolkata, Chennai and Bangalore, the increase in inflation was the lowest in Delhi.
“In the financial year 2020-21, the inflation rate increased by 3 per cent in Delhi, while in Mumbai, Kolkata, Chennai, Bangalore, the inflation rate increased by 4.1 per cent, 4.6 per cent, 4.4 per cent and 4 per cent respectively,” Sisodia added.
He said that the increase in inflation in Delhi was 2 per cent less than the national rate. In the Financial Year 2020-21, an increase of 5 per cent was recorded in the inflation rate nationally.
The Finance Minister said that the national inflation rate for food prices was 5.7 per cent in the year 2020-21. However, in Delhi, this rate was recorded at only 4.1 per cent, which is the lowest in the country.
“The Housing Index of the Consumer Price Index saw an increase of 5.2 per cent in entire India in the financial year 2020-21, but in Delhi, this rate was only 3.9 per cent,” he said.
He said, ”The Delhi Government makes efforts from time to time to control and stabilize the prices of commodities through market interventions.”

Pakistan: Major opposition alliance holds rally against Imran Khan government in Karachi

Islamabad [Pakistan] : The alliance of major opposition parties, the Pakistan Democratic Movement (PDM) on Saturday is holding a rally at Karachi’s busy Regal Chowk to protest the rising inflation under Imran Khan government.
PDM Chief Maulana Fazlur Rehman and Pakistan leader of the opposition in the national assembly, Shehbaz Sharif are also likely to address the rally, Samaa TV reported. Hundreds of workers from the PDM parties, especially Fazlur Rehman’s Jamiat Ulema-e-Islam party, have gathered in the rally.
Karachi traffic police have closed at least five roads leading to Regal Chowk and released a traffic plan, Samaa TV reported.
This came days after PDM announced to hold ‘mehngai’ march across Pakistan before going ahead with a long march towards Islamabad.
The PDM informed that the rallies against the government over rising inflation would be held in Karachi, Quetta, Lahore and Peshawar.
In other recent developments, the Imran Khan government has announced a hike in the price of petrol by Pakistani Rs 8.03 per litre, a day after the Prime Minister also warned the nation that fuel prices would have to undergo an increase.

Adhir Ranjan Chowdhury calls on Mamata Banerjee to reduce state taxes on petroleum products

Kolkata (West Bengal) [India] : West Bengal Congress president Adhir Ranjan Chowdhury on Saturday wrote to Chief Minister Mamata Banerjee calling on her to reduce state taxes on petroleum products and said that “mere rhetoric and hollow sloganeering will not do” so she should take “real and tangible actions.
“This will have a multiplier effect and will result in the overall reduction in price rise. Mere rhetoric and hollow sloganeering will not do. Please take real and tangible actions on the above matter,” Chowdhury said in the letter. “You have also raised the above matter on various public platforms. However, you have not done anything concrete to bring the price rise under check,” the Congress Lok Sabha MP added.
“In line with the Congress-ruled States which have slashed their State taxes on petroleum products, why is it that West Bengal has not done so? The residents of West Bengal have been left high and dry. I appeal to you that you may please take concrete action on this issue and cut the State taxes so that the price of petroleum products in West Bengal comes down,” he added.
“I wish to draw your kind attention to the initiatives taken by all the Congress-ruled states to cut the prices of petroleum products in the State. All these States have slashed their State taxes to bring some relief to the common man who is reeling under serious inflation and price rise,” he stated.
“In view of the skyrocketing prices of petroleum products, it has become difficult for the common man to make both ends meet. Life has become a real struggle for them and because of this price rise, it has become difficult to lead a decent and dignified life,” he stated.
Following the decision of the government of India to reduce central excise duty on petrol and diesel by Rs 5 and Rs 10 respectively, 25 states and Union Territories have also undertaken a commensurate reduction of VAT on petrol and diesel to give relief to consumers, informed the Ministry of Petroleum and Natural Gas on Friday.
However, as per the ministry, 11 States and UTs which have not undertaken any reduction in VAT in petrol and diesel are Maharashtra, NCT of Delhi, West Bengal, Tamil Nadu, Telangana, Andhra Pradesh, Kerala, Jharkhand, Chhattisgarh, and Rajasthan.

Inflation in Pakistan fourth highest in world, could lead to unrest

Islamabad [Pakistan]: The rate of inflation in Pakistan is the fourth highest in the world which could lead to unrest and protests against the Imran Khan government.
Citing an incident in a family of Karachi, Shah Meer Baloch wrote in The Guardian that a shoe-seller set himself on fire as he could not meet his expenses or send money home due to the “skyrocketing prices”. Imran Khan had vowed to lift people out of poverty before gaining power as he promised the creation of 10 million jobs. Instead, he announced financial support of USD3 billion from Riyadh after his visit to Saudi Arabia last month.
Imran Khan blamed inflation in the international market for the miseries of the people and announced a “relief package” of 120 billion Pakistani rupees providing subsidies on the essential food items, wrote Shah Meer Baloch.
“The package is a drop in the ocean and will do little to help the mass of ordinary people. The pressure on Imran Khan will continue to mount because we have seen further price hikes, such as of fuel and sugar, after the announcement of the package,” The Guardian quoted an economist, Khurram Hussain as saying.
He said that inflation comes at a time when the unemployment in the country is high and the wages are stagnant which is why the inflation was imposing a crushing burden on the ordinary people. The prices of fuel and electricity are “unprecedentedly high”.
The Pakistani opposition alliance, Pakistan Democratic Movement (PDM) has announced a campaign against the Imran Khan government for rising inflation in the country. An announcement of a long march against inflation was made as a part of the campaign from Lahore to Islamabad, wrote Shah Meer Baloch.
A shopkeeper in Pakistan’s north-western province, Mardan had cursed Imran Khan at a mosque as the number of customers at his shop had fallen due to rising prices. He was arrested.
“I rushed to a mosque and announced to the speakers that we should curse Imran Khan. The prime minister promised a new (Naya) Pakistan and that it would be a welfare state for ordinary people but he has done the opposite. He is crushing the poor,” Shah Meer Baloch quoted him as saying to The Guardian.
The shopkeeper further confessed that he regretted voting for Imran Khan in the general election and said that everyone he knew who voted for Khan also regretted the decision.
“People in my neighbourhood supported my calls against Imran Khan after I was released in two days. We believe Imran Khan should resign if he can’t control the prices of essential commodities,” Shah Meer Baloch quoted him as telling The Guardian.

Delhi Petrol Association writes to CM, demands cutting VAT on fuel

New Delhi [India]: Delhi Petrol Dealers Association has written a letter to Delhi Chief Minister Arvind Kejriwal urging him to reduce value-added tax (VAT) in the national capital, stating that a higher tax on fuel is resulting in losses to petrol pump owners and may adversely affect the revenue of Delhi.
Speaking to ANI on Wednesday, Anurag Narain, president of the association, said, “We appeal to CM Arvind Kejriwal to cut VAT in Delhi as we are incurring a loss. As petrol and diesel have become cheaper in neighbouring cities like Gurgaon, Noida or Ghaziabad, people are going to these places for refilling, causing huge loss to us.” He further said, “Earlier, we used to sell 13 crore litres of petrol every month. But due to higher VAT in Delhi, our sales have plummeted to almost half. This is causing a huge loss to us.”
“The AAP is contesting elections in other states. We want to request Kejriwal sahib that he can give an example of his governance by reducing the VAT on fuel in Delhi. If the VAT is reduced in the state, then residents of Delhi will not have to go to Noida or Gurgaon for refuelling,” said Narain.
He also said that in Delhi, petrol is costlier by Rs 9 and diesel by Rs 2 compared to Haryana and Uttar Pradesh.

Maharashtra Congress announces state-wide agitation against inflation, fuel price hikes

Mumbai (Maharashtra) [India]: Maharashtra Congress has announced a state-wide agitation against the central government over inflation, petrol-diesel price hikes, and policies that are weakening the common man financially.
Maharashtra Congress chief Nana Patole announced that the party will be conducting several agitations in the state from November 14 to November 19. “Maharashtra’s political situation is terrible right now…leaders are making allegations against each other. It’s bringing shame to the State. Allegations made by former Chief Minister Devendra Fadnavis and Maharashtra minister Nawab Malik against each other are serious,” Patole added.
Patole demanded that Chief Minister Uddhav Thackeray probe the allegations made by both Fadnavis and Malik.
Earlier on Wednesday, Maharashtra Minister and Nationalist Congress Party (NCP) leader Nawab Malik had alleged that after demonetization the game of counterfeit notes had continued under the Devendra Fadnavis government.
In October, Fadnavis alleged that Malik had ‘underworld links’ with the 1993 Mumbai bomb blast convicts.

Congress said to continue agitation, make fuel price, inflation agenda for upcoming polls

New Delhi [India]: Congress will continue agitation against fuel price and inflation while making these issues prime agenda for the upcoming state Assembly elections.
Speaking to ANI, a top source said, “Congress party is going to launch an agitation drive against the inflation and fuel price hike from November 14. Congress Party will take out padayatra and rallies from the district level to the state level. The party is also planning to hold a massive rally in the national capital ahead of Parliament Session.” He said it is the Bharatiya Janata Party’s bad performance in the recent bypolls that led the Centre to cut the excise duty on petrol and diesel. He said inflation and fuel price will be the prime agenda of the party in the upcoming assembly polls
Meanwhile, Congress general secretary (Organisation) KC Venugopal told ANI, “The party will continue to agitate on the issue of inflation and fuel price until the government cuts down the excise duty that it increased during the COVID period.”
In relief to consumers, the Finance Ministry on Wednesday announced a Rs 5 per litre cut in excise duty on petrol and a Rs 10 per litre cut in excise duty on diesel.

Inflation at peak around Diwali, wish Centre was sensitive to people: Rahul Gandhi

New Delhi [India] : Congress leader Rahul Gandhi on Wednesday hit out the Centre saying that inflation is at its peak around Diwali and added that he wished the government had a sensitive heart for the people.
“It’s Diwali. Inflation is at its peak. It’s not a joke. I wish the Modi government had a sensitive heart for the public,” Gandhi tweeted in Hindi. His statement comes amid rising fuel prices.
Petrol and diesel prices remained constant today after constantly rising for seven consecutive days.
In Delhi, petrol and diesel have been priced at Rs 110.04 and Rs 98.42 per litre respectively. Petrol and diesel cost Rs Rs 115.85 and Rs 106.62 per litre in Mumbai, Rs 110.49 and Rs 101.56 per litre in Kolkata and Rs 106.66 and Rs 102.59 per litre in Chennai respectively.
On November 1, the prices of commercial Liquefied Petroleum Gas LPG cylinders were hiked by Rs 266.

Pakistan finance ministry warns of higher inflation

Islamabad [Pakistan]: Pakistan’s ministry of finance has warned that the exchange rate, commodity supplies and seasonality could intensify the magnitude of prices and transportation costs in the country, local news reported.
Citing the statement of Pakistan’s Economic Adviser’s Wing of the ministry of finance, Dawn reported that the country recorded the fiscal deficit during the first two months of the current fiscal year unchanged at 0.9 per cent of GDP. “The effect of these impulses — surge in international oil prices, exchange rate depreciation and adjustments in administered prices — may intensify the magnitude of prices and transportation cost,” the EAW said in its monthly Economic Update and Outlook.
The ministry said that an unprecedented increase in international commodity prices was putting pressure on domestic prices as well as on the local currency, Dawn reported.
It added that the country’s inflation rate was mainly driven by monetary and supply-side factors, including domestic and international commodity prices, dollar exchange rate, seasonal factors and economic agents’ expectations concerning the future developments of these indicators.
According to the EAW statement, “the inflation rate in October is expected to settle below the level observed in September, but the probability range is wide.”
According to the report, the fiscal deficit in July-August FY22 was recorded at 0.9 per cent of GDP, the same as in the comparable period last year.
Inflation in Pakistan has reached the highest level in the past 70 years, which has led to protests by the opposition parties and the common man. The inflation in the country broke the record of 70 years in the last three years, with food prices doubling, while the prices of ghee, oil, sugar, flour and poultry have reached high levels, reported The News International.

Pakistan’s Awami National Party protests against rising prices, says govt forcing poor to die by suicide

Peshawar [Pakistan]: Pakistan’s Awami National Party (ANP) staged demonstrations across Khyber Pakhtunkhwa province on Monday against the rising prices of essential commodities in the country, reported local media.
ANP leaders and elected representatives addressed the rallies held at block level in all the districts of the province on Monday, Dawn reported citing a statement by ANP. While addressing a rally in Shangla, Mian Iftikhar Hussain, ANP central general secretary, alleged that the government was forcing the poor to die by suicide.
Stating that National Accountability Bureau (NCB) was biased, Hussain said that the federal agency is degrading innocent people in fabricated cases.
Emphasising that clean chits were given to PTI’s “corrupt” ministers, he said that it was time to oust the government.
The ANP leader also blamed Prime Minister Imran Khan for rising inflation.
ANP senior leader Ghulam Ahmad Bilour, central finance secretary Senator Hidayatullah, MPAs Khushdil Khan, Samar Bilour, Salahuddin and others also addressed the rallies against the rising inflation.
In Charsadda, like other parts of the province, ANP staged protest demonstrations against price hike and unemployment in all three tehsils including Charsadda, Tangi and Shabqaddar.
Pakistan is facing a surge in inflation as prices of essential commodities, fuel and others are on the rise, drawing condemnation and protests by opposition parties against the Imran Khan government.

Pakistan leader of the Opposition says entire government needs to be sent packing over inflation, unemployment

Islamabad [Pakistan]: Lashing out at the Imran Khan government for failing to control rising inflation, Pakistan’s leader of the Opposition Shahbaz Sharif said that there is a dire need for the “entire government” to be “sent packing” and any delay in the matter will be “gross injustice” to the nation.
In a statement issued by Pakistan Muslim League-Nawaz (PML-N) on Twitter, Shahbaz was quoted as saying that for the country to step out of the quagmire it is in, a “serious, capable and trustworthy” team is needed to govern it, Geo News reported. “The country is paying the price for inflation, economic devastation and unemployment and the government has no realisation that it is not only the poor but even those holding white-collar jobs that have been crushed by it,” he said.
According to the statement, Shahbaz declared the government guilty of “endangering national security” with “economic devastation” and inflation being witnessed in the country.
The government will have to either choose the economy, the welfare of the people, or its seat of power, he said, adding, “Every minute the government stays in power, it is costing the country billions.”
“They announced they will control inflation but increased the prices of essential items. Is this the government’s sense of realisation and its promise?” he asked.
Due to the rising inflation, Pakistan is witnessing a surge in the price of items of daily need, fuel and others. Opposition parties have slammed the government over inflation and held several rallies across the country.

French PM announces 100 euros of inflation allowance facing soaring energy prices

Paris [France]: French Prime Minister Jean Castex announced Thursday night a special inflation allowance of 100 euros (116 USD) for people with a net monthly income less than 2,000 euros.
Speaking on public television TF1, the head of the French government explained that, due to the high fuel price, his government decided to offer an inflation allowance of 100 euros for people whose net monthly income is lower than 2,000 euros across the country. According to him, 38 million people will be eligible for this special allowance which would be credited automatically.
Castex said this would cost the country 3.8 billion
euros, adding that France could handle this spending without exceeding its 5 per cent target of deficit for the year 2022.
He also announced locking gas prices throughout 2022 to deal with a record spike in energy prices.
France has seen a rapid growth of energy prices in the past few months. The diesel price reached 1.56 euros per litre on average and 1.62 euros for gasoline, both being record high prices.

Pakistan: 15-day protest against inflation begins from Rawalpindi

Rawalpindi [Pakistan] : The nationwide protest has been launched against the Imran Khan-led Pakistan government, over the continuous rise in prices of petroleum products and edibles, from Rawalpindi in Pakistan’s Punjab province.
According to Dawn, Pakistan Democratic Movement (PDM) kicked off its 15-day nationwide protest against Prime Minister Imran Khan-led government on Wednesday. Political workers and activists of Pakistan Muslim League-Nawaz (PML-N) and Jamiat ulema-i-Islam- Fazlur Rehman (JUI-F) led by Rawalpindi Mayor Sardar Naseem Khan and JUI-F leader Dr Ziaur Rehman gathered in front of Rawalpindi Press Club. Former minister Marriyum Aurangzeb, Tahira Aurangzeb, Daniyal Chaudhry and Hanif Abbasi also joined the protest and staged a sit-in for an hour on Murree Road.
Dawn further reported that the protesters carried party flags, placards, banners, portraits of Nawaz Sharif and the opposition leader in the National Assembly Shehbaz Sharif. They chanted slogans in favour of their leaders and against Prime Minister Imran Khan and Interior Minister Sheikh Rashid Ahmed. Most of the participants also chanted ‘Down with IMF’.
Speaking on the occasion on Wednesday, Aurangzeb said that the Imran Khan-led government snatched the bread from the mouths of people with increased prices. “The country is facing the worst time as the government failed to control the economics and security issues,” she said, adding inflation has forced people to commit suicide which is why the central leadership of PDM has played the role of saviour of the nation, reported the Pakistani publication.
She added that the poor have not been able to pay their house rent, utility bills or buy edibles, adding, due to the presence of the corrupt Pakistan government, the poor become poorer and rich become richer. She said that more than 60 per cent people in the country lived below the poverty line.
Other PDM leaders said that the country cannot afford more thieves. Because of these thieves, they said, the purchasing power of the people has reduced so they will now have no other option but to take to the streets, reported Dawn.
In addition to the increasing prices of petroleum, the PTI government has also hiked electricity and gas tariffs in the country. This comes as prices of edible oil and ghee have gone up while prices of food items and high energy costs have caused concerns among people in Pakistan, Samaa TV reported.

Argentina freezes prices of over 1,400 goods amid rising inflation

Buenos Aires [Argentina]: The Argentine authorities have set maximum prices for 1,423 products in stores, saying violators will be sanctioned according to law, the Ministry of Productive Development said on Wednesday.
In September, Argentina saw a sharp increase in inflation, which reached 3.5 per cent compared to 2.5 per cent in August. “The Ministry of Commerce of the Nation issued a resolution that establishes the ‘temporary fixation of maximum prices for sale to the consumer for all producers, marketers and distributors of 1,432 mass consumption products throughout the national territory,” the ministry’s press release said.
The decision is intended to return product prices to their level as of October 1, and maintain them there until January 7, 2022, which “was agreed by a large percentage of the representatives of the participating companies (both manufacturers and retail chains),” the press release said.
This is not Argentina’s first price freeze in the past few years against the backdrop of inflation. Since the beginning of the year, inflation has risen to 37 per cent and in September to 52.5 per cent, making Argentina the country with the highest inflation rate in Latin America after Venezuela.

Pakistan hikes petrol price amid rising inflation

Islamabad [Pakistan] : Pakistani government on Saturday increased the prices of petrol and diesel in the country amid rising inflation, local media reported.
The price of petrol has been hiked by Pakistani Rs 10.49 per litre and high-speed diesel by Rs 12.44 per litre, Geo TV reported. Along with this, the price of kerosene oil also has been hiked by Rs 10.95 per litre, while light diesel was hiked by Rs 8.84 per litre.
This is the second time in the last 15 days that the government has increased the prices of petroleum products.
On October 1, the Pakistan government increased petrol prices by Rs 4 per litre and that of high-speed diesel (HSD) by Rs 2 per litre. It also hiked the prices of kerosene and light diesel oil by Rs 7.05 and Rs 8.82 per litre, respectively, reported local media.
According to the weekly report released by the Pakistan Bureau of Statistics (PBS), inflation in the country has increased by 12.66 per cent, while the rate of inflation was recorded at 0.2 per cent last week, resulting in skyrocketing prices of tomatoes, potatoes, ghee.
The bureau, in the report, said that as of last week, 22 items including tomatoes, potatoes, ghee, mutton, and liquefied petroleum gas (LPG) cylinders have become more expensive, reported Geo News.
In July, the Pakistan Muslim League-Nawaz (PML-N) had lashed out at the Imran Khan-led government for the rising inflation in the country and reiterated that the party will not let the Pakistan Tehreek-e-Insaf (PTI) pass the ‘anti-people budget’ in the National Assembly.
Highlighting that the rate of inflation has not come down below 10 per cent in the last two years, Pakistan politicians alleged that the assets of Imran Khan and his cabinet members have increased.

Wholesale inflation drops to 10.66 per cent in September

New Delhi [India]: The annual rate of inflation based on the monthly wholesale price index (WPI) has declined to 10.66 per cent in September from the previous month’s 11.39 per cent, government data showed on Thursday.
However, WPI in the month of September on a year-on-year (y-o-y) basis has escalated due to the rise in prices of mineral oils, basic metals, non-food articles, food products, crude petroleum and natural gas and chemicals and chemical products as compared to the corresponding month of the previous year. In September last year, the WPI inflation was 1.32 per cent.
Fuel and power prices declined to 24.81 per cent in September 2021 compared with 26.09 per cent in August.
Meanwhile, manufactured product prices rose to 11.41 per cent compared with 11.39 per cent in the previous month.
“The Food Index consisting of food articles from primary articles group and ‘Food Product’ from manufactured products group have increased from 159.6 in August 2021 to 159.8 in September 2021. The rate of inflation based on the WPI Food Index decreased from 3.43 per cent in August 2021 to 1.14 per cent in September 2021,” the Ministry of Commerce and Industry said in a statement.
In vegetables, the inflation was minus 32.45 per cent. Inflation in crude petroleum and natural gas was 43.92 per cent.

Rahul Gandhi slams PM Modi on the murder of farmers, inflation, unemployment

New Delhi [India], October 10 : Slamming Prime Minister Narendra Modi, Congress leader Rahul Gandhi on Sunday said that the former is silent over the alleged murders of farmers and BJP workers in the Lakhimpur Kheri incident, rising inflation, the surge in the oil price, and unemployment in the country.
“PM silent- Rising inflation – oil price, unemployment, farmer and BJP worker murdered, PM violent- Lack of camera and photo ops, true criticism, Question on friends,” tweeted the Wayanad MP. Samyukta Kisan Morcha, an umbrella body of several farmer unions, alleged that Ashish Mishra Teni, son of Union Minister of State for Home Affairs Ajay Mishra Teni arrived with three vehicles around the time that farmers were dispersing from their protest at the helipad and mowed down farmers and towards the end also attacked SKM leader Tajinder Singh Virk directly, by trying to run a vehicle over him.
However, Ashish Mishra refuted SKM’s allegations and said he was not present at the spot where the incident took place.
Meanwhile, Petrol and diesel prices were hiked across the country for the sixth consecutive day on Sunday.

Bilawal slams Imran Khan govt for rising inflation in Pakistan

Islamabad [Pakistan], September 19 : Pakistan Peoples Party Chairman Bilawal Bhutto Zardari slammed the Imran Khan government for rising inflation and said if the country wanted to get rid of soaring inflation, the ruling PTI-led government must be sent home.
Censuring the presidential ordinance on the collection of up to 35 per cent income tax through electricity bills, the PPP chairperson on Saturday claimed that after the imposition of the new tax regulation, people were finding it hard to keep their head above water, The Express Tribune reported. “The people are already depositing billions of rupees in the national treasury in the form of indirect taxes on everything from basic necessities to mobile recharge cards,” he said.
Bilawal stated, “We strongly reject the 5 per cent income tax on electricity bills up to Rs 10,000 and 10 per cent income tax on bills up to Rs 20,000”.
The nation must decide if they want to save themselves from inflation, which is only possible if they get rid of the Pakistan Tehreek-i-Insaf (PTI) government, Bilawal said.
He further added that if people across the country do not come onto the streets with resolve against inflation, the PTI government will not stop harassing them, The Express Tribune reported.

Elevated inflation can be a drag on overall economic recovery: India Ratings and Research

Mumbai (Maharashtra) [India]: India Ratings and Research (Ind-Ra) has said that salaried and wages earners will be a drag on overall economic recovery in medium term due to tepid recovery of household consumption.
An environment of pandemic-led uncertainty and elevated inflation can impact the level of spending, and hence the overall demand, it said. Stable corporate performance amid second Covid wave during 1Q FY22 has raised optimism for a faster-than-expected recovery. However, the pressure on top line has largely been mitigated by a reduction in overhead costs, especially labour cost to maintain a healthy bottom-line.
Ind-Ra’s analysis of 2,036 corporates suggests that the number of companies posted losses in 1Q FY22 has been lower than in 1Q FY21. Out of the 2,036 entities, 523 entities posted losses in 1Q FY22 compared to 986 entities in 1Q FY21.
This has largely driven by limited the restriction imposed on business activities. Corporates too have learned and implemented various measures to combat this kind of situation.
Although the overall trend is encouraging, it is not broad based. While the top three buckets have limited number of entities making losses, the last two buckets (501 to 1,000 and 1,001 to 2,036 entities) have 23 per cent and 33 per cent loss-making entities respectively.
This is compared to around 50 per cent entities in both the buckets in 1Q FY21, reflecting the ongoing pressure on smaller entities.
Nonetheless, the overall corporate performance has been reasonably encouraging and can continue to be so with some moderation in margin and cash flows.
While the resilience of corporates is encouraging, said Ind-Ra, the adverse effect of pressure on employee cost is a cause for concern. This could be a result of job-loss or salary cut or both.
Nearly 50 per cent entities out of out of 2,036 corporates had quarterly negative growth in labour costs in 1Q FY22 compared to 4Q FY21.
Although there is some seasonality in employee cost, it is also true 1Q is always a better quarter than 4Q owing to the disbursement of various performance-based payments linked to the previous fiscal.
Ind-Ra said the more alarming fact is that the trend has been on a downward for the last few years, which is visible in the yearly wage growth data in the last three years.
Resuscitating wages will be critical for a revival of overall economy and capex cycle which has been languishing even before the Covid-19 outbreak, it added.

Inflation tripled in Pakistan during Imran Khan’s tenure: PML-N

Lahore [Pakistan]: Inflation has tripled in Pakistan during the three-year tenure of Prime Minister Imran Khan-led government in the country, Pakistan Muslim League Nawaz (PML-N) said issuing a white paper over the performance of the current government on Friday, local media reported.
PML-N leader Malik Mohammad Ahmad Khan, while releasing the white paper to the media, said that in the last three years of the Pakistan Tehreek-e-Insaf (PTI) government, it had become really hard for people to get wheat flour and sugar at reasonable rates due to unprecedented inflation, Pakistan’s The News International reported on Friday. Inflation in Pakistan caused an increase in food prices in the country, worsening conditions of lower-middle-income households.
Another PML-N leader Owais Leghari stressed that the Pakistan government did a lot of injustice to farmers adding that the price of wheat had been increased but the unit price of agricultural tube-wells, fertilizer, medicine and diesel had been doubled, according to The News International.
PML-N leaders also said that Imran Khan’s government eliminated 56 companies instead of leading them to betterment.
Stressing upon the increasing corruption in the revenue department, Owais said, “The governance is the real problem, law and order situation is very bad, political interference in police stations has increased a lot while the chief executive is transferring his own appointed officers after every three months.”

Retail inflation falls to 5.59 pc in July, June IIP at 13.6 pc

New Delhi [India]: Retail inflation measured by the consumer price index (CPI) dropped to 5.59 per cent in July from 6.26 per cent in June, government data showed on Thursday.

Food inflation fell to 3.96 per cent last month from 5.15 per cent in June, the Ministry of Statistics and Programme Implementation said in a statement. Meawhile, industrial output for June rose 13.6 per cent.
Factory output measured by the Index of Industrial Production (IIP) had contracted 16.6 per cent in the same month of last year.

The indices of industrial production for mining, manufacturing and electricity sectors in June stand at 105.5, 121 and 169.1 respectively.

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