Has India’s central bank avoided tackling high inflation?
2 years, 9 months ago

Has India’s central bank avoided tackling high inflation?

Al Jazeera  

New Delhi, India–The Reserve Bank of India stands apart as a rare example of a central bank today that has shunned interest rate hikes in the post-pandemic era and remained open to rate cuts, despite rising inflation. As the RBI’s monetary policy committee meets from April 6-8 to decide its latest interest rate policy, official documents reviewed by The Reporters’ Collective and Al Jazeera show the RBI has so far kept interest rates low by exploiting what the Ministry of Finance treats as a built-in “escape clause” in the monetary policy, which permits inflation to rise above the mandated target of 4 percent. At its December 2021 meeting, the RBI’s MPC kept interest rates unchanged, saying the economic recovery needed “sustained policy support” and that it would “wait for growth signals to become solidly entrenched while remaining watchful on inflation dynamics”. Different priorities At a customary meeting with reporters following the monetary policy announcement on December 8, 2021, a journalist asked Governor Das a straightforward, yet crucial, question: “What should be the priority for India’s central bank, growth or inflation?” “As I have clearly mentioned in my statement, the overarching priority of RBI at this stage is revival of growth,” Das said. Varma has dissented from the RBI’s accommodative stance since then, making the case that the MPC must demonstrate its commitment to the inflation target with “tangible action”, which will help in sustaining lower interest rates for longer, “thereby aiding the economic recovery”.

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History of this topic

India’s central bank should lead the policy easing cycle that its economy needs
1 week, 1 day ago

India’s central bank should lead the policy easing cycle that its economy needs

Live Mint  

The coming weeks will see two important policy events. “The hardening of input costs across goods and services and their flow into selling prices needs to be watched carefully," the Indian central bank said in its November review of the economy. This column had argued before the December meeting of the monetary policy committee that there is a compelling reason …

Vivek Kaul: RBI’s new governor will have to confront a tricky old trilemma
4 weeks, 1 day ago

Vivek Kaul: RBI’s new governor will have to confront a tricky old trilemma

Live Mint  

Shaktikanta Das’ tenure as governor of the Reserve Bank of India has come to an end. For companies, lower rates mean lower interest outflows on their existing borrowings and hence higher profits and possibly higher stock prices. For market participants, lower rates mean that retail investors are incentivized to invest more in stocks in search of higher returns, leading to …

RBI May Begin Shallow Rate Cut Cycle From Feb Amid Global Turmoil
4 weeks, 2 days ago

RBI May Begin Shallow Rate Cut Cycle From Feb Amid Global Turmoil

Deccan Chronicle  

Mumbai: While calls for rate cuts are growing louder with inflation decelerating in November amid concerns over slowing economic growth, economists see a small window of conventional rate cuts next year as global dynamics turn more fluid. Most expect the central bank to begin a shallow rate-cut cycle in its February 2025 policy meeting with a 25 basis points rate …

Growth slowdown: Why lay a deeper economic malaise at RBI’s door?
1 month ago

Growth slowdown: Why lay a deeper economic malaise at RBI’s door?

Live Mint  

Chapter 16 in the Book of Leviticus, Old Testament, enjoins Aaron to organize sacrifices and expiate the sins of all Israelites. Various ministers, government officials and sundry industry representatives have been hinting at RBI culpability in India’s economic slowdown and have called upon its monetary policy committee to cut rates in support of growth. The debate began with this year’s …

Why RBI is central to the country’s economy
1 month ago

Why RBI is central to the country’s economy

New Indian Express  

The art of setting interest rates Maintaining macroeconomic stability and financial stability is the holy grail of any central bank. The pursuit of sustainable growth and low and stable inflation have been fundamental to central banking activities since the early 19th century, though financial stability got equal prominence, thanks to black swan events like the Great Depression of 1930s and …

Mint Quick Edit: Lower inflation raises the likelihood of an RBI rate cut
Trending News
1 month ago

Mint Quick Edit: Lower inflation raises the likelihood of an RBI rate cut

Live Mint  

As luck would have it, Sanjay Malhotra’s assuming charge of the Reserve Bank of India has been accompanied by a notable drop in inflation. Measured by the consumer price index, India’s inflation rate fell to 5.5% in November, compared with 6.2% in October, according to government data released on Thursday. October’s reading was the highest in 14 months, but November’s …

Retail inflation eases to 5.48% in November from above 6% in October
1 month ago

Retail inflation eases to 5.48% in November from above 6% in October

India Today  

India's retail inflation cooled to 5.48% in November, slipping below the Reserve Bank of India’s upper tolerance band of 6% after breaching it in October. "High inflation reduces the disposable income in the hands of consumers," Das noted, adding that food inflation could stay elevated through the third quarter of FY25 before easing. Expected revisions could lower food’s weightage by …

DC Edit | Will RBI tweak inflation focus?
1 month ago

DC Edit | Will RBI tweak inflation focus?

Deccan Chronicle  

The appointment of Sanjay Malhotra as the new RBI governor continues the long-standing tradition of IAS officers heading the Central bank, a quasi-autonomous body that decides the country’s monetary policy. Mr Malhotra took over the charge of RBI from Shaktikanta Das — the second longest serving governor after Sir Benegal Rama Rau’s stint of seven years and 197 days — …

RBI signals cautious optimism on growth-inflation balance
1 month, 1 week ago

RBI signals cautious optimism on growth-inflation balance

Live Mint  

The Reserve Bank of India’s monetary policy on 6 December voted 4:2 to keep the policy repo rate unchanged at 6.50%. After the October ’24 inflation data came in at over 6%, the RBI revised the FY25 inflation forecast to 4.8% from 4.5% in its Oct ’24 policy. Liquidity infusion and rate cut prospects Persistent FPI outflows and RBI intervention …

RBI keeps key lending rate unchanged at 6.5%, focus remains on tackling inflation
1 month, 1 week ago

RBI keeps key lending rate unchanged at 6.5%, focus remains on tackling inflation

India Today  

The Reserve Bank of India's Monetary Policy Committee has decided to maintain the status quo on key interest rates for the 11th consecutive time. Consequently, the standing deposit facility stands at 6.25%, and the marginal standing facility and the bank rate at 6.75%," announced RBI Governor Shaktikanta Das during the policy statement. "Tackling inflation is critical because high inflation reduces …

RBI must restore balance between inflation, growth
1 month, 1 week ago

RBI must restore balance between inflation, growth

New Indian Express  

Despite the disappointing slump in economic growth, the RBI on Friday left the benchmark policy repo rate unchanged at 6.5 percent amid inflationary pressures. Maintaining a firm stance on inflation control, Governor Shaktikanta Das stressed that the central bank needed “more credible evidence” on the disinflationary process, which he said was getting prolonged and arduous. As Das rightly noted, there …

RBI must restore balance between inflation, growth
1 month, 1 week ago

RBI must restore balance between inflation, growth

New Indian Express  

Despite the disappointing slump in economic growth, the RBI on Friday left the benchmark policy repo rate unchanged at 6.5 percent amid inflationary pressures. Maintaining a firm stance on inflation control, Governor Shaktikanta Das stressed that the central bank needed “more credible evidence” on the disinflationary process, which he said was getting prolonged and arduous. As Das rightly noted, there …

Rupee weakness will not deter India cenbank from cutting rates, Nomura says
1 month, 1 week ago

Rupee weakness will not deter India cenbank from cutting rates, Nomura says

Live Mint  

By Nimesh Vora MUMBAI, Dec 5 - Nomura stuck by its contrarian call that the Reserve Bank of India will lower interest rates on Friday as concerns over economic growth overshadow worries about high inflation and the rupee's weakness. The other 62 expect status quo after retail inflation jumped above the RBI's tolerance limit for the first time in over …

RBI MPC meet: Growth needs a boost, but will inflation hold back rate cut?
Trending News
1 month, 1 week ago

RBI MPC meet: Growth needs a boost, but will inflation hold back rate cut?

India Today  

The Reserve Bank of India’s Monetary Policy Committee began its three-day meeting on Wednesday, setting the stage for a critical decision on the repo rate, which will be announced on December 6 at 10 AM. The meeting takes place amid growing calls from experts and leaders for a rate cut to support India’s slowing economic growth. Piyuh Goyal has even …

Monetary policy review: RBI should stick to its price stability mandate
1 month, 1 week ago

Monetary policy review: RBI should stick to its price stability mandate

Live Mint  

One of the lingering effects of covid—‘long covid’—is that economic growth has begun to look a bit like the Sensex, albeit in slow motion. So, last fiscal year’s growth looked rosy in large part because growth in 2022-23 had flagged since 2021-22, when it was 9.7% but on a covid-shrunken GDP base of 2020-21. As the US Fed and major …

Is MPC doing enough on inflation? Consumers are divided
1 month, 1 week ago

Is MPC doing enough on inflation? Consumers are divided

Live Mint  

Mumbai: For the past 30 months, the Reserve Bank of India’s monetary policy committee has been fighting hard to bring inflation within its medium-term target of 4%. Nearly half of the total respondents surveyed favoured lower inflation and higher interest rates, and only 22% support the reverse. Governor Shaktikanta Das has repeatedly warned since the last policy that cutting rates …

India rates market signals easing, likely via liquidity, after weak growth data
Trending News
1 month, 1 week ago

India rates market signals easing, likely via liquidity, after weak growth data

Live Mint  

By Dharamraj Dhutia MUMBAI, - The drop in India's benchmark bond yields and swap rates signals the central bank may address weaker-than-expected economic growth by easing monetary policy, which, traders say, will likely be via a lower cash reserve ratio than by interest rate cuts. WHY IT'S IMPORTANT The Reserve Bank of India's monetary policy decision is due on Friday …

Will RBI cut key interest rates on December 6? 3 things to know
1 month, 1 week ago

Will RBI cut key interest rates on December 6? 3 things to know

India Today  

As the Reserve Bank of India’s Monetary Policy Committee gears up for its December 6 meeting, market participants are weighing the likelihood of a key interest rate cut. Here are 3 things to know ahead of the upcoming RBI MPC meeting: GROWTH REMAINS UNDER PRESSURE India’s GDP growth dipped to 5.4% in Q2 FY25, a sharp decline attributed to weaker …

India’s GDP growth estimated to decelerate to 6.3% in 2025, says Goldman Sachs; sees shallow RBI rate cut from Q1CY25
1 month, 3 weeks ago

India’s GDP growth estimated to decelerate to 6.3% in 2025, says Goldman Sachs; sees shallow RBI rate cut from Q1CY25

Live Mint  

India’s economic growth is expected to decelerate in 2025, said Goldman Sachs even as it believes that the economy will likely be insulated from global shocks emanating out of a potential trade war between US and China. Though India’s strong long-term structural growth story remains intact, we forecast GDP growth to decelerate to 6.3% YoY in CY25, on continued fiscal …

India’s central bank should adhere to its inflation-targeting mandate
Trending News
1 month, 3 weeks ago

India’s central bank should adhere to its inflation-targeting mandate

Live Mint  

Less than four years after the government concluded its review of India’s inflation-targeting regime in April 2021 and opted to keep both its target and nitty-gritty—its target range, indicator, etc—unchanged, its view of inflation targeting seems to be shifting. After commerce and industry minister Piyush Goyal and then finance minister Nirmala Sitharaman called for lower interest rates, on Tuesday chief …

Why Nirmala Sitharaman, Piyush Goyal would like RBI to slash interest rates
1 month, 3 weeks ago

Why Nirmala Sitharaman, Piyush Goyal would like RBI to slash interest rates

India Today  

Two senior ministers of the Narendra Modi government have recently underlined the need to lower interest rates to spur growth, bringing into focus a matter that, in the past, sparked heated debates and even led to differences of opinion between the government of the day and the Reserve Bank of India. Both Union finance minister Nirmala Sitharaman and Union commerce …

‘Absolutely flawed…’: RBI should boost growth with rate cut, says Union Minister Piyush Goyal; Governor Das responds
2 months ago

‘Absolutely flawed…’: RBI should boost growth with rate cut, says Union Minister Piyush Goyal; Governor Das responds

Live Mint  

The Reserve Bank of India should cut the key benchmark interest rates to boost economic growth and look through the food prices while deciding on monetary policy, Union Minister of Commerce and Industry Piyush Goyal said. Growth needs a further impetus,” Piyush Goyal told the news portal, also stating that it's an “absolutely flawed theory” to consider food inflation while …

India trade minister says central bank should cut rates, look through food prices
2 months ago

India trade minister says central bank should cut rates, look through food prices

Live Mint  

MUMBAI, Nov 14 - India's central bank should cut interest rates to boost economic growth and look through food price while deciding on monetary policy, the trade minister said, the first time a government minister has backed calls to re-examine the nation's inflation targeting framework. Growth needs a further impetus," Piyush Goyal told news channel CNBC TV18 at an event …

Mint Quick Edit | Inflation above 6%: There goes a December rate cut
2 months ago

Mint Quick Edit | Inflation above 6%: There goes a December rate cut

Live Mint  

Reserve Bank of India governor Shaktikanta Das’s warning of inflation rising sharply in October has turned out prescient. With the headline reading now above RBI’s 6% upper tolerance limit, the odds of a rate cut in the monetary policy committee’s December meeting look bleak. Though the rate-setting panel recently shifted its monetary policy stance to neutral, it wouldn’t want inflationary …

India’s 14-month high retail inflation fades hope of December rate cut
Trending News
2 months ago

India’s 14-month high retail inflation fades hope of December rate cut

Live Mint  

New Delhi: India’s retail inflation accelerated in October to its highest in over a year largely due to heated food prices, tempering expectations of a rate cut when the central bank’s monetary policy panel meets early next month. India’s retail inflation also breached the Reserve Bank of India’s medium-term target of 2-6% for the first time in over a year—which, …

'We Still Have Distance To Cover', Says RBI Guv Shaktikanta Das Amid Moderate Inflation
4 months ago

'We Still Have Distance To Cover', Says RBI Guv Shaktikanta Das Amid Moderate Inflation

News 18  

Inflation in India has moderated but still, there is a distance to cover, Reserve Bank Governor Shaktikanta Das said on Friday. “Inflation has moderated from its peak of 7.8% in April 2022 into the tolerance band of +/- 2% around the target of 4%, but we still have a distance to cover and cannot afford to look the other way,” …

Inflation control: India doing better than advanced economies like US and Germany, says SBI report
4 months ago

Inflation control: India doing better than advanced economies like US and Germany, says SBI report

Live Mint  

India has shown a largely successful inflation-targeting regime compared to advanced economies like the United States and Germany, reported ANI, quoting a State Bank of India research report. “India had a largely successful inflation targeting regime, compared to advanced economies like the USA and Germany,” as per the report. The SBI report cited government initiatives, Reserve Bank of India measures, …

‘Abandoning RBI’s inflation target regime could be risky, counterproductive’
4 months, 3 weeks ago

‘Abandoning RBI’s inflation target regime could be risky, counterproductive’

The Hindu  

The Reserve Bank of India's inflation targeting regime has worked well and need not be abandoned in favour of a more discretionary regime that could be risky and counterproductive, a new research paper has said. The paper titled 'Inflation Targeting In India: A Further Assessment' said the weight of food-price inflation in the CPI inflation basket should be reduced to …

Can the Reserve Bank of India rein in food inflation?
5 months ago

Can the Reserve Bank of India rein in food inflation?

Hindustan Times  

On August 8, the Reserve Bank of India announced that it had kept the benchmark interest rate unchanged at 6.5% after the end of its monetary policy meeting — it marked the ninth straight meeting of the central bank in which it held rates at the same level. The paper - co-written by deputy governor Michael Debabrata Patra - cautioned …

Core inflation at four-year low in FY24: Economic Survey
5 months, 3 weeks ago

Core inflation at four-year low in FY24: Economic Survey

Hindustan Times  

The government’s prudent monetary policy response and calibrated trade policy measures, coupled with strong output growth helped reduce core inflation to a four-year low in FY24, according to the 2023-24 Economic Survey Union finance minister Nirmala Sitharaman tabled in Parliament on Monday. The survey, which was presented a day before the first Union Budget of the third Narendra Modi-led central …

India’s retail inflation eases to 12-month low of 4.75 per cent in May
7 months ago

India’s retail inflation eases to 12-month low of 4.75 per cent in May

India TV News  

Retail inflation: Retail inflation eased to a 12-month low of 4.75 per cent in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. The Consumer Price Index based retail inflation was 4.83 per cent in April 2024 and 4.31 per cent in May 2023. Inflation in the food basket was 8.69 per cent …

Inflation eases in May, but major relief on interest rates not coming soon
7 months ago

Inflation eases in May, but major relief on interest rates not coming soon

LA Times  

Federal Reserve Chair Jerome H. Powell and his colleagues at the central bank have kept interest rates at a more than 20-year high to fight inflation. The Federal Reserve has raised interest rates to the highest level in more than two decades to fight inflation, and on Wednesday policymakers said the fight wasn’t over. “But we don’t see ourselves as …

RBI MPC: Central Bank Unlikely To Cut Interest Rate On June 7 Amid Lok Sabha Election Results, Says Experts
7 months, 1 week ago

RBI MPC: Central Bank Unlikely To Cut Interest Rate On June 7 Amid Lok Sabha Election Results, Says Experts

ABP News  

RBI MPC: The Reserve Bank of India is unlikely to reduce the benchmark interest rate during its upcoming monetary policy review meeting as per the experts. Additionally, the Monetary Policy Committee may opt to maintain the current interest rate of 6.5 per cent due to the ongoing economic growth, which has been gaining momentum since February 2023. In addition, every …

What is the outlook on the global economy? | Explained
8 months, 3 weeks ago

What is the outlook on the global economy? | Explained

The Hindu  

The story so far: The International Monetary Fund released the latest global financial stability report on Tuesday warning about the risks to the global financial system from persistent high inflation, rising lending in the unregulated credit market, and increasing cyber-attacks on financial institutions. Investors have been pushing up the prices of financial assets such as stocks in recent months in …

DC Edit | Cautious RBI targets inflation
9 months, 1 week ago

DC Edit | Cautious RBI targets inflation

Deccan Chronicle  

The Reserve Bank of India-led Monetary Policy Committee has once again kept the policy repo rate unchanged at 6.5 per cent. Retail inflation hovered around 5.1 per cent during January and February 2024, which is a marginal decline from 5.7 per cent in December 2023. Food inflation — which is the most important focus area for the world’s populous country …

Need to be vigilant on inflation front: MPC minutes
10 months, 3 weeks ago

Need to be vigilant on inflation front: MPC minutes

New Indian Express  

NEW DELHI: A majority of members of the monetary policy committee of the Reserve Bank of India remained focused on risk of inflation in future and favoured status quo on rate cut. Five out of six members of the MPC voted to keep policy rates unchanged due to uncertainty in inflation over food prices, as per the Minutes of MPC. …

Central bank work on lowering prices in delicate balance
10 months, 3 weeks ago

Central bank work on lowering prices in delicate balance

New Indian Express  

The Reserve Bank of India appears to be in its final leg of bringing inflation to heel. Though headline inflation is showing steady signs of easing, the central bank’s six-member Monetary Policy Committee is steadfast on retaining repo rate at 6.5 percent as any “premature move may undermine the success achieved so far”. As we navigate the ‘last mile’ of …

Inflation moderating, moving towards 4 per cent target: RBI Governor Shaktikanta Das
11 months, 4 weeks ago

Inflation moderating, moving towards 4 per cent target: RBI Governor Shaktikanta Das

India TV News  

Reserve Bank of India Chief Shaktikanta Das said that inflation in India is moderating and steadily approaching the central bank's target of 4 per cent, while growth prospects for the country remain robust. Speaking at the World Economic Forum annual meeting in Davos, Das mentioned that inflation is within the range of 2 per cent to 6 per cent, with …

RBI Monetary Policy Meet underway: Key things to watch out for
1 year, 1 month ago

RBI Monetary Policy Meet underway: Key things to watch out for

Live Mint  

Reserve Bank of India Governor Shaktikanta Das will unveil the fifth monetary policy of the financial year 2023-24 on Friday, December 8, after a two-day review, as it observes the impact of global headwinds on India's macroeconomic indicators such as inflation trajectory and growth in gross domestic product. The review by the six-member Monetary Policy Committee led by Das will …

Growth getting stronger foothold, inflation coming under control, says RBI Governor Shaktikanta Das
1 year, 2 months ago

Growth getting stronger foothold, inflation coming under control, says RBI Governor Shaktikanta Das

The Hindu  

Reserve Bank Governor Shaktikanta Das on November 9 said economic growth in India is getting stronger foothold while inflation is also coming under control driven by the inherent dynamism and a prudent policy mix. Driven by its inherent dynamism and supported by a prudent policy mix, growth is getting stronger foothold while inflation is also coming under control," the governor …

RBI Governor says no interest rate cuts for now
1 year, 2 months ago

RBI Governor says no interest rate cuts for now

The Hindu  

Interest rates will remain high, and any change will depend on the way the world evolves, Reserve Bank of India Governor Shaktikanta Das said on Friday, highlighting fresh uncertainties that have emerged in the global economy in the fortnight since the latest Monetary Policy review. Referring to the recent spurt in U.S. bond yields to a record high, combined with …

DC Edit | Inflation falls, RBI still cautious
1 year, 3 months ago

DC Edit | Inflation falls, RBI still cautious

Deccan Chronicle  

After rising beyond the Reserve Bank of India’s comfort level for three months, retail inflation has again softened to 5.02 per cent in September on the account of fall in vegetables and fuel prices. The inflation in September last year stood at 7.41 per cent — the second highest in the entire 2022 — which resulted in retail inflation declining …

DC Edit | RBI keeps its focus on inflation
1 year, 3 months ago

DC Edit | RBI keeps its focus on inflation

Deccan Chronicle  

As expected, the Reserve Bank of India-led Monetary Policy Committee has left key policy rates such as repo and reverse repo unchanged, signalling its intent to keep its focus on fighting inflation. Retail inflation has declined from a 15-month-high of 7.44 per cent in July to 6.83 per cent in August, but it remains 83 basis points above the central …

RBI Policy meet: Key things to watch out for
1 year, 3 months ago

RBI Policy meet: Key things to watch out for

Live Mint  

Reserve Bank of India Governor Shaktikanta Das will unveil the fourth monetary policy of the financial year 2023-24 on Friday, October 6, after a two-day review, as it observes the impact of global headwinds on India's macroeconomic indicators such as inflation trajectory and the growth in gross domestic product. Economists expect RBI to hold rates steady According to majority of …

ECONOMIC PERSPECTIVES | Why India is unable to curb inflation
1 year, 4 months ago

ECONOMIC PERSPECTIVES | Why India is unable to curb inflation

The Hindu  

Published : Sep 07, 2023 11:00 IST - 6 MINS READ Even as the Indian government celebrates the high growth rates that the increases in official GDP figures signal, it is haunted by the spectre of inflation. Wheat prices at the consumer level, which were falling relative to the previous year in the months preceding October 2021, started to rise …

Modi Government Bats on Front Foot to Combat Rising Inflation in India - News18
1 year, 4 months ago

Modi Government Bats on Front Foot to Combat Rising Inflation in India - News18

News 18  

Inflation is a global concern and quite a big one at that. The figures breached the upper end of the RBI’s inflation band of 2 to 6 per cent for the first time in five months. RBI NOT JUMPING THE GUN YET Around the world, the Central banks of various countries were rather immediate in rolling out interest rate hikes …

Cooling core inflation fails to cheer amid supply flux
1 year, 5 months ago

Cooling core inflation fails to cheer amid supply flux

Live Mint  

A declining core inflation, amid a 15-month high retail inflation, gives no reprieve to the Reserve Bank of India, which recently called for supply-side interventions to cushion food price shocks. They said that while a decline in core inflation is positive, high headline numbers have anyway dashed rate cut hopes in FY24. “We think core inflation is likely to remain …

Turkey hikes interest rates in another sign of economic normalcy. But markets expected more
1 year, 5 months ago

Turkey hikes interest rates in another sign of economic normalcy. But markets expected more

Associated Press  

ISTANBUL — Turkey’s central bank raised its key interest rate Thursday, another sign of commitment to a traditional path of battling inflation but still falling below expectations after critics blamed President Recep Tayyip Erdogan’s economic policies for inflaming a cost-of-living crisis. Central banks around the world have been hiking rates rapidly to battle spikes in consumer prices following the pandemic …

India’s retail inflation rate rises to 4.81 per cent in June from 4.31 per cent in May | DETAILS
1 year, 6 months ago

India’s retail inflation rate rises to 4.81 per cent in June from 4.31 per cent in May | DETAILS

India TV News  

Retail Inflation Rate in India: Retail inflation rose to a three-month high of 4.81 per cent in June, mainly on account of hardening prices of cereals and pulses, though it remained within the comfort zone of the Reserve Bank. NSO data: According to the data released by the National Statistical Office, the inflation in the food basket was at 4.49 …

Top central bankers assert need for higher interest rates to tackle persistent inflation
1 year, 6 months ago

Top central bankers assert need for higher interest rates to tackle persistent inflation

Associated Press  

FRANKFURT, Germany — Leading global central bankers asserted Wednesday that they are not backing off their steep interest rate increases, pointing to inflation being more persistent than expected but still downplaying fears of recession from their hikes. “We have to be resolute and decided and determined in reaching the target that we have set.” Despite rapid rate increases, Powell said …

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