The wholesale level of Inflation in January relaxed to 12.96 percent from 13.56 percent a month prior. Wholesale food inflation was at a two-year high of 9.6 percent.
Amid the ongoing COVID-19 pandemic, retail inflation in India rose to a seven-month high of 6.01 percent in January, penetrating the upper resilience level of the medium-term inflation focus of 4+/ – 2 percent set by the Reserve Bank of India (RBI), basically by virtue of high food inflation, which leaped to a 14-month high of 5.43 percent, alongside a troublesome base.
Kaushik Basu, professor of Economics at Cornell University and former Chief Economist of the World Bank has tweeted on the rising Inflation that is affecting ordinary people and their livelihood.
Basu tweeted, “Now India’s retail inflation is also rising. In January it breached the 6% mark & was at a 7-month high. Matters are however worse for ordinary people because “household goods & services inflation” is at 7.1% which is a 94-month high.”
The wholesale level of Inflation in January relaxed to 12.96 percent from 13.56 percent a month prior however denoted the 10th successive month of being in double digits. Wholesale food inflation was at a two-year high of 9.6 percent.
Supriya Srinate, National spokesperson and Member Coordination Group, INC, India Maharajganj, UP also slammed BJP and wrote, India’s WPI inflation consistently rising now at 20 years high. Retail #inflation above 6% at a 7 month high. This while gas petrol diesel prices on hold due to polls. Income drop for 84 percent of Indians, income halved for 15 crore families. What does this mean for them, Narendra Modi?
However, a rise in inflation can cause a tough livelihood for common people in India. It can disrupt purchasing power. Since inflation disintegrates the worth of money, it urges customers to spend and stock on things that are slow to become of less value.
The Congress in regard to this has tweeted that India’s retail inflation touched 6.01 percent in January 2022, the highest in 7 months. After record unemployment and declining incomes, back-breaking inflation is yet another gift from the Modi government.