In September, India’s Retail Inflation Calms at 5.02%, CPI, IIP, and Expert Opinions
When the cost of the goods you buy increases, this phenomenon is known as inflation. But surprise, he claims that India’s inflation has dropped to 5.02%, the lowest level in three months. I think it’s fantastic.
The Reserve Bank of India, which functions as the nation’s bank, like it when inflation is under 6%. So, after two full months when it was higher, it is down again by 6%. In July 2023 the price was 7.44% and in August 2023 it was 6.83%. So, it’s been up and down like a rollercoaster.
There’s another thing called industrial production, which means how much stuff factories make. In August 2023 it was 10.3%, which is quite good. But last year in August 2022 it was minus 0.7%, which means they made less goods.
The data also says that people who make things in factories fared better in August 2023. They made 9.3% more things. What else? People who dig stuff out of the ground (i.e., mining) did even better. They dug up 12.3% more stuff.
Oh, and the guys did a great job! They created 15.3% more electricity in August 2023. So, all these things mean that the business world of the country is doing stuff.
In September, India’s Retail Inflation Calms at 5.02%, CPI, IIP, and Expert Opinions
Some experts thought that price goods (CPI) would be 5.5% in August, and factory goods (IIP) would be 9.5%. But it’s different in real life, you know.
Now, Sujan Hazra, who is a major expert, said that he was surprised by the price falling in September 2023. It was like a surprise party. He also said that core inflation (this is the important part) was quiet while all this was happening. But even with all this, the price point is still higher than the bank’s consideration of 4%.
Then there is Rohit Arora, the CEO of a financial business. He is content that the cost has decreased from a year ago. The economy and the people will benefit from this. People are more likely to spend money when prices are down, don’t you think? It’s like having to buy extra candy.
For the fintech thing, it’s also good because they can make plans better with less jumps. He talked about the Israel-Hamas issue, which is far from over, and how it could drive up oil prices. But he is still happy about the future.
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