The government and the RBI are working nonstop to bring down the high inflation rate. According to Nirmala Sitharaman, minister of finance, the country’s inflation rate is still higher than average. The administration is making constant efforts to keep it under control. We have taken a very methodical approach, he claimed in a program held in Karnataka. The current inflation rate is still higher than average. However, efforts are being made to bring it down on a constant basis.
Concerns are raised by the forecast of a weak monsoon
The announcement from the finance minister comes at a time when price fears have been increased due to production restrictions by OPEC+ and projections of a weak monsoon season, despite a reduction in inflation. People are intrigued by the RBI’s claim that interest rates have peaked, though. As a result, it is anticipated that the RBI won’t raise interest rates in the near future.
At a 15-month low, inflation
The Consumer Price Index (CPI), which tracks retail inflation, dropped to a 15-month low in March. The inflation rate has decreased below the upper limit set by the RBI of 6% after being at its highest level for two months. In March, the second wholesale inflation rate dropped to 1.34%, a 29-month low. The RBI attempted to stop the rate hike on April 6 in a bid to lower interest rates.
In the past year, the RBI has raised the repo rate a total of 250 bps (2.5 percent).
The central bank also stated that the decision for the future will only be made after considering the results of the recent rate hike. The central bank had stated during an event in Mumbai that it would clarify its monetary policy for the RBI.
Read more: Don’t lie on your ITR about your income, otherwise, you may get into trouble!
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