RBI raises inflation projection to 5.7%
NEW DELHI: The Reserve Bank of India (RBI) on Friday sharply raised its inflation forecast to 5.7% from the earlier 4.5%, and lowered its GDP estimate to 7.2% from 7.8% for 2022-23, citing the impact of escting geopo itical tensions triggered by the war in Ukraine.
The 5.7% forecast is closer to the upper band of the central bank’s tolerance level.
“Economic activity, although recovering, is barely above its pre-pandemic level,” RBI governor Shaktikanta Das said in his policy statement.
Das said the spike in international crude oil prices since February-end poses substantial upside risk to inflation through both direct and indirect effects.
RBI governor Shaktikanta Das in his policy statement on Friday said the external geopo itical developments during the past two months have led to the materialisation of downside risks to the domestic growth outlook and upside risks to inflation projections presented in the February MPC resolution. "Inflation is now projected to be higher and growth lower than the assessment in February," he added.
The finance ministry had estimated growth to be in the 8% to 8.5% range in 2022-23 but has said if crude oil prices remain persistently high it could have implications for growth and inflation.
财政部曾预计，2022年的经济增速将在8% - 8.5%之间，但表示，如果原油价格持续高企，可能会对经济增长和通胀产生影响
Edible oil price pressures are likely to remain elevated in the near-term due to export restrictions by key producers as well as loss of supply from the Black Sea region. Feed cost pressures could continue due to global supply shortages, which could also have a spillover impact on poultry, milk and dairy product prices, Das said.
Sharp increase in domestic pump prices could trigger broad-based second round price pressures. A combination of high international commodity prices and elevated logistic disruptions could aggravate input costs across agriculture, manufacturing and services sectors. Their pass-through to retail prices, therefore, warrants continuous mon oring and proactive supply management, he said.
India is in worse situation than both Sri Lanka and Pakistan. Pakoda PM accomplishments
Ambani, Adani and Gujju scammers are the only ones who benefitted during Pakoda PM rule. Otherwise, Indians have become poorer. Now Indian per capita income is less than Bangladesh, soon Bangladesh will be compning about Indian illegal immigrants. All thanks to Modi ji Namo Namo, gau mata ki jai
I think actual inflation will be much more than that.
Inflation is high and common man can feel the ch of harsh and ruthless price rises
User Iyer Mani
This is mere hogwash. Inflation has gone through the sky.
India is in the grip of a severe economic crisis and may see the fate of Sri Lanka due to inept financial handling by an incompetent finance minister and the Gujju gang
All numbers are fake, far from reality, just like go nment pickle expert.
All policies to favour their MAsters & Neo Crony capitalists at the cost of depositors, Taxpayers, Banking Sector & Indian economy. Britishers have Gone now is an era of Crony Capi ism
Umesh Chandra Sharma
inflation is more than 15 percent, look at your family budgets and savings …
More printing of money is accelerating phenomenal inflation than at no point in India's history. When inflation is overheated, the designed monetary tool to tame it is by raising interest rates
See gallo Fuel Prices ( Petrol Diesel, PNG, CNG, LPG,) & its Cost push impact, editable oil prices, milk, vegetables, Lemon & chilies prices, increase in Cotton & FMCG Prices & RBI wants to believe the inflation rate within comfort levels!!!Re fallen to 76 vis a vis $
看看飞速上涨的燃料价格(汽油、柴油，PNG, CNG, LPG)及其成本推动影响，牛奶，蔬菜，柠檬和辣椒的价格上涨，
everybody knows inflammation is above 10%
Totally fake statement. Again and again he Shakti kanta das stated, " geopo itical ". If RBI depend on it, then how he predicts this growth and inflation? . Everyone felt pain on day to day raising price hike and broken supply chain with sky high demand . Even today lemon sold Rs.100 kg.
So, it is clear that the interest given for deposits in banks are noe enough to beat inflation and thus value of savings is diminishing year after year. More affected are the retired senior citizens. Will Govt look into this as part of inflation study and forecast?
The RBI as an institution has lost its independence, autonomy and credibility
Shame shame shame, only single digit inflation. We see double digit in MMS time. We want double digit inflation in Pappu khan time.
It is a very small increase. Unemployment is zero percent. What else do you need?
With go nment in no mood to reduce the taxes on fuel, Inflation bound to further strengthen & higher inflation is always bad for economy.
Time for critical institutions like RBI to work professionally.
This Gobaar Uneducated Fekuuu is main reason for downfall in India for last 8 years, Adani/Ambani Chors are looting, country going down day by day...
People expect miracles from the PM and FM after the country was loed like crazy by the previous go nment. People expect financial miracles even after devastating affects of Pandemic on economies world wide.. IF Gandhis could give back the 100s of billions they loed from India, we would be in better shape!