India s retail inflation remained above the upper end of the central bank s 2%-6% tolerance band for a second consecutive month in August, though it eased from a 15-month high of 7.44% in July.
India s retail inflation remained above the upper end of the central bank s 2%-6% tolerance band for a second consecutive month in August, though it eased from a 15-month high of 7.44% in July.
India s retail inflation is expected to ease by December due to favorable seasonal factors, according to Finance Secretary T V Somanathan. Inflation remained above the central bank s tolerance band for the second consecutive month in August, primarily driven by spikes in food prices caused by erratic weather conditions.
Finance secretary T V Somanathan said India will continue to clock the highest growth rate among the top five economies in the world in the foreseeable future and asked Indian diaspora to act as a catalyst and supplement government efforts in making India the biggest opportunity.
Indias inflation should abate in the coming months as policymakers are taking every possible step to cool down soaring prices, according to a top Finance Ministry official. “I am very confident that it is a temporary spike and will not sustain,” Finance Secretary TV Somanathan said in an interview in New Delhi Wednesday. “Every instrument in the toolkit is being used to reduce inflation. We will take a medium term view on the future steps.”