EXPLAINER: Why US inflation is so high, and when it may ease
3 years, 1 month ago

EXPLAINER: Why US inflation is so high, and when it may ease

Associated Press  

WASHINGTON — Inflation is starting to look like that unexpected — and unwanted — houseguest who just won’t leave. But they didn’t do nearly as much stimulus.’’ In a statement Wednesday, Biden acknowledged that “inflation hurts Americans’ pocketbooks, and reversing this trend is a top priority for me.’’ But he said his $1 trillion infrastructure package, including spending on roads, bridges and ports, would help ease supply bottlenecks. “The demand side of the U.S. economy will continue to be something to behold,’’ says Rick Rieder, chief investment officer for global fixed income at Blackrock, “and companies will continue to have the luxury of passing through prices.” Megan Greene, chief economist at the Kroll Institute, suggested that inflation and the overall economy will eventually return to something closer to normal. “But economists have to be very honest about defining transitory, and I think this could last another year easily.’’ “We need a lot of humility talking about how long this lasts,” Furman said. “They need to stop telling us that inflation is transitory, start becoming more worried about inflation, then act in a manner consistent with being worried,’’ Furman said.

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History of this topic

UK inflation increase solidifies expectations interest rates will be kept on hold
6 days, 10 hours ago

UK inflation increase solidifies expectations interest rates will be kept on hold

Associated Press  

LONDON — Inflation in the U.K. rose to its highest level in eight months during November, official figures showed Wednesday, a development that has cemented market expectations that the Bank of England will opt against cutting borrowing costs this week. It said stubbornly high inflation in the crucial services sector, which accounts for around 80% of the U.K. economy, and …

Retail inflation slows slightly at 5.48%
1 week, 5 days ago

Retail inflation slows slightly at 5.48%

Hindustan Times  

Retail inflation rose to 5.48% last month, a slower pace of increase compared to 6.21% in October, data from the Ministry of Statistics and Programme Implementation showed on Thursday. Despite the slowing pace of growth in prices, the Consumer Price Index-based rate of retail inflation stayed above the Reserve Bank of India’s 4% tolerance level, with two percentage points of …

US wholesale inflation surged higher in November
Trending News
1 week, 5 days ago

US wholesale inflation surged higher in November

CNN  

CNN — US wholesale inflation shot higher last month, an unwelcome sign that some prices could be heating up before they come down the pike to consumers. A closely watched gauge of underlying wholesale inflation grew more modestly and a chunk of November’s increase could be attributed to a spike in egg prices as a deadly bird flu ripples through …

US inflation rose for second straight month: What are the challenges for Trump now?
1 week, 6 days ago

US inflation rose for second straight month: What are the challenges for Trump now?

Firstpost  

President-elect Donald Trump has made tackling inflation and reducing the cost of living a cornerstone of his campaign. However, the recent uptick in inflation suggests the road ahead may be more complex than anticipated Inflation in the United States ticked up for the second consecutive month in November. The consumer price index, a key measure of inflation, rose to 2.7 …

US inflation ticked up last month as some price pressures remain persistent
Trending News
1 week, 6 days ago

US inflation ticked up last month as some price pressures remain persistent

Associated Press  

WASHINGTON — Fueled by pricier used cars, hotel rooms and groceries, inflation in the United States moved slightly higher last month in the latest sign that some price pressures remain elevated. Though inflation is now way below its peak of 9.1% in June 2022, average prices are still about 20% higher than they were three years ago — a major …

Inflation heated up last month as consumer prices rose 2.7%, underscoring the slog ahead
1 week, 6 days ago

Inflation heated up last month as consumer prices rose 2.7%, underscoring the slog ahead

CNN  

CNN — Inflation heated back up again in November, but it likely wasn’t bad enough to keep the Federal Reserve from cutting rates next week. “We have some PTSD around egg prices from the pandemic and certainly lingering avian flu outbreaks; but those prices being up almost 40% year over year certainly is another thing people will look at in …

The economy is still inflated
2 weeks, 6 days ago

The economy is still inflated

Live Mint  

The Federal Reserve has slowed inflation, but many Americans continue to pay a high price for the cumulative inflationary consequences of excessive monetary and fiscal stimulus. Joe Biden’s $1.9 trillion American Rescue Plan was close to being enacted, but we never imagined that the Fed would maintain zero interest rates and continue its massive purchases of assets until March 2022, …

US consumer price increases accelerated last month with inflation pressures resilient
3 weeks, 6 days ago

US consumer price increases accelerated last month with inflation pressures resilient

Associated Press  

WASHINGTON — Consumer price increases accelerated last month, the latest sign that inflation’s steady decline over the past two years has stalled in recent months. According to the Federal Reserve’s preferred inflation gauge, consumer prices rose 2.3% in October from a year earlier, the Commerce Department said Wednesday. Yet excluding the volatile food and energy categories, so-called “core” prices also …

US inflation may have picked up in October after months of easing
Trending News
1 month, 1 week ago

US inflation may have picked up in October after months of easing

Associated Press  

WASHINGTON — Annual inflation may have risen in October for the first time in seven months, a sign that price increases might be leveling off after steadily cooling for more than two years. From September to October, core prices are expected to have risen 0.3% for a third straight month — a pace that, if sustained, would exceed the Federal …

Fed up with high prices? Here's where things stand with inflation
1 month, 1 week ago

Fed up with high prices? Here's where things stand with inflation

NPR  

Fed up with high prices? Here's where things stand with inflation toggle caption Justin Sullivan/Getty Images By the numbers, inflation in America continues in the same direction: Easing largely — but still sticky. "We both make decent wages, but with the way that inflation has increased, it's like our dollar just doesn't go as far," says Spangler, who helps manage …

Inflation hit a bump in October after slowing for six straight months
1 month, 1 week ago

Inflation hit a bump in October after slowing for six straight months

CNN  

CNN — The annual rate of inflation moved higher last month for the first time since March, as expected — but economists say the underlying trend remains favorable for another round of interest rate cuts. Consumer prices rose 0.2% last month and were up 2.6% from the year before, according to the latest Consumer Price Index data released Wednesday by …

U.S. inflation rose slightly last month after 2 years of steady cooling but remained low
1 month, 1 week ago

U.S. inflation rose slightly last month after 2 years of steady cooling but remained low

LA Times  

Inflation in the United States ticked up in October, driven by costlier rents, used cars and air fares, a sign that price increases might be leveling off after having slowed in September to their lowest pace since 2021. Consumer inflation, which peaked at 9.1% in 2022, has since fallen steadily, though overall prices are still about 20% higher than they …

Consumer inflation at 14-month high of 6.2%
Trending News
1 month, 1 week ago

Consumer inflation at 14-month high of 6.2%

Hindustan Times  

Retail inflation came in at 6.2% in October, the highest in 14 months, and outside the upper band of the Reserve Bank of India’s tolerance limit, primarily on account of higher food prices with potatoes, onions and tomatoes, stape vegetables all, driving the charge. The higher-than-expected number means that RBI’s Monetary Policy Committee is unlikely to cut rates in its …

Column: American economists and consumers got inflation wrong during its recent surge. They still do
2 months, 3 weeks ago

Column: American economists and consumers got inflation wrong during its recent surge. They still do

LA Times  

Sen. JD Vance tried to blame the $4 price of a dozen eggs on Kamala Harris in this campaign video. The “strong policy response” Powell referred to was the Fed’s raising of short-term interest rates 11 times, a total of 5.25 percentage points, from March 2022 through July 2023. In November 2021, however, Powell told Congress that it was “probably …

Inflation has slowed, but the economy remains big issue for voters in picking a president
3 months, 1 week ago

Inflation has slowed, but the economy remains big issue for voters in picking a president

Raw Story  

Inflation hit a three-year low last month, just as the presidential election is heating up. Trump, the former president and Republican nominee, blamed the Biden administration for high prices early on Tuesday’s debate in Philadelphia, falsely claiming the post-pandemic wave of inflation is the worst ever. Democratic nominee andVice President Harris responded to Tuesday’s question about the economy by touting …

US inflation falls to 2.5% in August, reaches 3-year low as Federal Reserve set to cut interest rates
3 months, 1 week ago

US inflation falls to 2.5% in August, reaches 3-year low as Federal Reserve set to cut interest rates

Hindustan Times  

The post-pandemic spike in U.S. inflation eased further last month as year-over-year price increases reached a three-year low, clearing the way for the Federal Reserve to cut interest rates next week. Excluding volatile food and energy costs, so-called core prices rose 3.2% in August from a year ago, the same as in July. A key reason for last month's drop …

U.S. inflation reaches a 3-year low as Federal Reserve prepares to cut interest rates
3 months, 1 week ago

U.S. inflation reaches a 3-year low as Federal Reserve prepares to cut interest rates

LA Times  

Wednesday’s report from the Labor Department showed that consumer prices rose 2.5% in August from a year earlier, down from 2.9% in July. The post-pandemic spike in U.S. inflation eased further last month as year-over-year price increases reached a three-year low, clearing the way for the Federal Reserve to cut interest rates next week. Excluding volatile food and energy costs, …

US inflation reaches a 3-year low as Federal Reserve prepares to cut interest rates
3 months, 1 week ago

US inflation reaches a 3-year low as Federal Reserve prepares to cut interest rates

Politico  

For months, cooling inflation has provided gradual relief to America’s consumers, who were stung by the price surges that erupted three years ago, particularly for food, gas, rent and other necessities. A key reason for last month’s drop in overall inflation was the third decline in gas prices in the past four months: Average gas prices fell 0.6% from July …

Wages are rising 3.2% above inflation - the highest in nearly three years - as prices subside and jobs market holds steady... despite Rachel Reeves' grim claims that the economy is worse than she thou
5 months ago

Wages are rising 3.2% above inflation - the highest in nearly three years - as prices subside and jobs market holds steady... despite Rachel Reeves' grim claims that the economy is worse than she thou

Daily Mail  

Wages are rising 3.2 per cent above inflation with the jobs market holding steady, according to new figures today. Regular pay is increasing at the fastest pace in nearly three years relative to prices, after CPI inflation returned to the Bank of England's 2 per cent target. Wages are rising 3.2 per cent above inflation with the jobs market holding …

US wholesale inflation picked up in June in sign that some price pressures remain elevated
5 months, 1 week ago

US wholesale inflation picked up in June in sign that some price pressures remain elevated

Associated Press  

WASHINGTON — Wholesale prices in the United States rose by a larger-than-expected 2.6% last month from a year earlier, a sign that some inflation pressures remain high. The Labor Department said Friday that its producer price index — which tracks inflation before it reaches consumers — rose 0.2% from May to June after being unchanged the month before. The increase …

Anxiety over persistent inflation helps drive down US consumer sentiment for third consecutive month
6 months, 1 week ago

Anxiety over persistent inflation helps drive down US consumer sentiment for third consecutive month

Associated Press  

WASHINGTON — U.S. consumer sentiment fell in June for the third straight month as Americans took a dimmer view of their own finances and worried about persistent inflation. The University of Michigan’s consumer sentiment index, released Friday in a preliminary version, dropped to 65.6 this month from a final reading of 69.1 in May. AP AUDIO: Anxiety over persistent inflation …

US inflation eases to 3.3% in May, defying expectations for slight rise
6 months, 1 week ago

US inflation eases to 3.3% in May, defying expectations for slight rise

Hindustan Times  

Stock markets surged Wednesday after data showed US inflation slowed in May, raising hopes the Federal Reserve will cut interest rates later this year. "The cool inflation numbers should boost investor confidence for a Fed rate cut in the second half of 2024," said Bret Kenwell, US investment analyst at trading platform eToro. With inflation slowing and other recent data …

US inflation cooled in May in a sign that price pressures may be easing
6 months, 1 week ago

US inflation cooled in May in a sign that price pressures may be easing

Associated Press  

WASHINGTON — Inflation in the United States eased in May for a second straight month, a hopeful sign that an acceleration of prices that occurred early this year may have passed. Consumer prices excluding volatile food and energy costs — the closely watched “core” index — rose 0.2% from April to May, the government said Wednesday. Fed officials, who will …

US inflation eased last month in the first slowdown of 2024
7 months, 1 week ago

US inflation eased last month in the first slowdown of 2024

Associated Press  

WASHINGTON — Led by lower food and auto prices, inflation in the United States cooled slightly last month after three elevated readings, likely offering a tentative sigh of relief for officials at the Federal Reserve as well as President Joe Biden’s re-election team. Instead, he stressed that the Fed’s policymakers need “greater confidence” that inflation is falling to their 2% …

High inflation is pinching, 'consumers more discriminating with every dollar', McDonald's says
7 months, 3 weeks ago

High inflation is pinching, 'consumers more discriminating with every dollar', McDonald's says

Hindustan Times  

Inflation remains a pressing concern for some of America's most prominent corporations, with rising prices impacting consumers and bottom lines. McDonald’s CEO, Chris Kempczinski, highlighted the ongoing challenges faced by consumers during the company's recent earnings call, noting that elevated prices are prompting individuals to be more discerning with their spending. Other firms, including 3M and Newell Brands, have also …

Fed’s preferred inflation gauge shows price pressures stayed elevated last month
7 months, 4 weeks ago

Fed’s preferred inflation gauge shows price pressures stayed elevated last month

Associated Press  

WASHINGTON — A measure of inflation closely tracked by the Federal Reserve remained uncomfortably high in March, likely reinforcing the Fed’s reluctance to cut interest rates anytime soon and underscoring a burden for President Joe Biden’s re-election bid. Friday’s inflation data showed that excluding volatile food and energy costs, “core” prices rose by an elevated 0.3% from February to March, …

US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates
7 months, 4 weeks ago

US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates

Associated Press  

WASHINGTON — The nation’s economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic growth — kept spending at a solid pace. Gregory Daco, chief economist at the tax and consulting firm EY, noted that the underlying economy looks solid, though it’s slowing from last …

US consumer sentiment ticks down slightly, but most expect inflation to ease further
9 months, 1 week ago

US consumer sentiment ticks down slightly, but most expect inflation to ease further

Associated Press  

WASHINGTON — Consumers became slightly less optimistic about the economy this month, though they continue to expect inflation to cool further, a potential sign that price increases will keep slowing. The University of Michigan’s consumer sentiment index, released Friday in a preliminary version, slipped to 76.5 in March, barely below February’s figure of 76.9. Friday’s consumer sentiment figure follows inflation …

What do rising gas prices mean for the future of US inflation? Here's what experts have to say
9 months, 1 week ago

What do rising gas prices mean for the future of US inflation? Here's what experts have to say

Hindustan Times  

A stubborn increase in gasoline prices would most likely have augmented inflation in the US to this level in February and even more so, which would favour the Fed's deliberation over adjusting the interest rate downwards. A 4% surge in February affects US inflation outlook The Fed members’ tune started changing for the better in January, when the publication of …

US inflation up again in February in latest sign that price pressures remain elevated
9 months, 1 week ago

US inflation up again in February in latest sign that price pressures remain elevated

Associated Press  

WASHINGTON — Consumer prices in the United States picked up last month, a sign that inflation remains a persistent challenge for the Federal Reserve and for President Joe Biden’s re-election campaign, both of which are counting on a steady easing of price pressures this year. Prices rose 0.4% from January to February, higher than the previous month’s figure of 0.3%, …

Federal Reserve’s preferred inflation gauge picked up last month in sign of still-elevated prices
9 months, 3 weeks ago

Federal Reserve’s preferred inflation gauge picked up last month in sign of still-elevated prices

Associated Press  

WASHINGTON — An inflation gauge favored by the Federal Reserve increased in January, the latest sign that the slowdown in U.S. consumer price increases is occurring unevenly from month to month. Some of January’s inflation reflects the fact that companies often raise prices in the first two months of the year, leaving January and February price data high compared with …

American consumers are pushing back against high inflation — and they are winning
9 months, 4 weeks ago

American consumers are pushing back against high inflation — and they are winning

The Hindu  

Inflation has changed the way many Americans shop. In a video released on Super Bowl Sunday, Mr. Biden denounced shrinkflation as a “rip-off.” Consumer pushback against high prices suggests to many economists that inflation should further ease. “That was the fear — that everybody would tolerate higher prices,” said Gregory Daco, chief economist at EY, who notes that it hasn't …

Consumer sentiment edges higher as economic growth accelerates and inflation fades
10 months, 1 week ago

Consumer sentiment edges higher as economic growth accelerates and inflation fades

Associated Press  

WASHINGTON — A measure of consumer sentiment ticked higher this month, after soaring in December and January, underscoring that Americans are starting to feel better about the economy after several years of gloom. Still, consumer sentiment remains 6% below its long-run average after the worst spike in inflation in four decades pushed up the cost of groceries, rent, gas, and …

US consumer inflation falls to 3.1pc in January, but less than expected
10 months, 1 week ago

US consumer inflation falls to 3.1pc in January, but less than expected

Hindustan Times  

US consumer inflation cooled in January but at a slower rate than expected, resisting President Joe Biden's efforts to soothe families' cost of living concerns in an election year. U.S. President Joe Biden The closely watched Consumer Price Index rose 3.1 percent from a year ago last month, down from 3.4 percent in December, the Department of Labor said on …

US inflation slows but remains elevated in sign that price pressures are easing only gradually
10 months, 1 week ago

US inflation slows but remains elevated in sign that price pressures are easing only gradually

Associated Press  

WASHINGTON — Consumer inflation in the United States cooled last month yet remained elevated in the latest sign that the pandemic-fueled price surge is only gradually and fitfully coming under control. At his most recent news conference, Fed Chair Jerome Powell singled out persistently high services prices as a concern and indicated the central bank’s policymakers would like to see …

Inflation slows but remains elevated, a sign price pressures are easing only gradually
10 months, 1 week ago

Inflation slows but remains elevated, a sign price pressures are easing only gradually

LA Times  

U.S. consumer prices rose more than expected in January, further reducing the chances that Federal Reserve officials will start lowering interest rates soon. At his most recent news conference, Fed Chair Jerome H. Powell singled out persistently high services prices as a concern and indicated the central bank’s policymakers would like to see services inflation ease further before starting to …

Inflation slowed further in December as an economic ‘soft landing’ moves into sharper focus
10 months, 4 weeks ago

Inflation slowed further in December as an economic ‘soft landing’ moves into sharper focus

Associated Press  

WASHINGTON — The Federal Reserve’s preferred inflation gauge cooled further last month even as the economy kept growing briskly, a trend sure to be welcomed at the White House as President Joe Biden seeks re-election in a race that could pivot on his economic stewardship. Friday’s government report showed that prices rose just 0.2% from November to December, a pace …

Americans’ economic outlook brightens as inflation slows and wages outpace prices
11 months ago

Americans’ economic outlook brightens as inflation slows and wages outpace prices

Associated Press  

WASHINGTON — After an extended period of gloom, Americans are starting to feel better about inflation and the economy — a trend that could sustain consumer spending, fuel economic growth and potentially affect President Joe Biden’s political fortunes. A survey by the Federal Reserve Bank of New York found that Americans’ inflation expectations have reached their lowest point in nearly …

Americans’ economic outlook brightens as inflation slows and wages outpace prices
11 months ago

Americans’ economic outlook brightens as inflation slows and wages outpace prices

LA Times  

A customer checks prices while shopping at a grocery store last week in Wheeling, Ill. A typical basket of groceries now costs 20% more than in February 2021, just before inflation began to take off. After an extended period of gloom, Americans are starting to feel better about inflation and the economy — a trend that could sustain consumer spending, …

Federal Reserve’s favored inflation gauge tumbles in November as prices continue to ease
1 year ago

Federal Reserve’s favored inflation gauge tumbles in November as prices continue to ease

LA Times  

The Federal Reserve’s favored inflation gauge shows somewhat more progress against inflation in November than economists had expected. The Federal Reserve’s preferred measure of prices fell last month, another sign that inflation is easing and that Americans should benefit from lower costs and reduced interest rates in 2024. Friday’s report from the Commerce Department showed that U.S. consumer prices slid …

Federal Reserve On Cusp Of What Some Thought Impossible: Defeating Inflation Without Steep Recession
1 year ago

Federal Reserve On Cusp Of What Some Thought Impossible: Defeating Inflation Without Steep Recession

Huff Post  

In this photo made with a slow shutter speed, Federal Reserve Board Chair Jerome Powell speaks during a news conference about the Federal Reserve's monetary policy at the Federal Reserve, Wednesday, Dec. 13, 2023, in Washington. “I think it’s really good to see the progress that we’re making,” Chair Jerome Powell said at a news conference Wednesday after the Fed's …

The Federal Reserve could do what was thought impossible: Defeat inflation without a steep recession
1 year ago

The Federal Reserve could do what was thought impossible: Defeat inflation without a steep recession

Associated Press  

WASHINGTON — It was the most painful inflation Americans had experienced since 1981, when “The Dukes of Hazzard” and “The Jeffersons” were topping the TV charts. Confidence is growing among Federal Reserve officials and many economists that high interest rates and healed supply chains will soon defeat inflation. With inflation cooling, Powell said the 19 officials on the Fed’s policy …

Wholesale inflation in US slowed further last month, signaling that price pressures continue to ease
1 year ago

Wholesale inflation in US slowed further last month, signaling that price pressures continue to ease

Associated Press  

Wholesale inflation in the United States was unchanged in November, suggesting that price increases in the economy’s pipeline are continuing to gradually ease. The Labor Department reported Wednesday that its producer price index — which tracks inflation before it reaches consumers — was flat from October to November after having fallen 0.4% the month before. Excluding volatile food and energy …

US inflation can spring nasty surprises even if it seems to be cooling down
1 year, 1 month ago

US inflation can spring nasty surprises even if it seems to be cooling down

Live Mint  

The latest US inflation report, showing that price increases slowed in October, suggests that the economy just might get the ‘immaculate disinflation’ that everyone is hoping for: Inflation will fall to its pre-pandemic levels and remain there, and the US will avoid a recession. Expectations also explain why the Fed sets an inflation target: If everyone expects 2% inflation next …

What’s pushing inflation down? More goods, workers and housing
1 year, 1 month ago

What’s pushing inflation down? More goods, workers and housing

Associated Press  

WASHINGTON — Long past its painful peak, inflation in the United States may be heading steadily back toward its pre-pandemic levels, without the need for further interest rate hikes by the Federal Reserve. Overall inflation didn’t rise from September to October, the first time that consumer prices collectively haven’t budged from one month to another in more than a year. …

US consumers keep spending briskly even in the face of persistent inflation and high interest rates
1 year, 1 month ago

US consumers keep spending briskly even in the face of persistent inflation and high interest rates

Associated Press  

WASHINGTON — An inflation gauge that is closely monitored by the Federal Reserve showed price increases remained elevated in September amid brisk consumer spending and strong economic growth. Taken as a whole, the figures the government issued Friday show a still-surprisingly resilient consumer, willing to spend briskly enough to power the economy even in the face of persistent inflation and …

Just what IS keeping inflation so high? The everyday items that continue to go up in price revealed - as annual rate of inflation holds steady at 3.7%
1 year, 2 months ago

Just what IS keeping inflation so high? The everyday items that continue to go up in price revealed - as annual rate of inflation holds steady at 3.7%

Daily Mail  

Figures are unlikely to significantly impact Fed interest rates, analysts say Annual inflation held steady in September, with prices increasing 3.7 percent on the year prior, thanks mainly to the cost of food and energy. Annual inflation held steady in September, with prices increasing 3.7 percent on the year prior, thanks mainly to the cost of food and energy. Data …

High gas prices push up inflation, but prices overall are slowly moving in the right direction
1 year, 3 months ago

High gas prices push up inflation, but prices overall are slowly moving in the right direction

Associated Press  

WASHINGTON — Inflation jumped last month largely because of a spike in gas prices but other costs rose more slowly, suggesting price pressures are easing at a gradual pace. Wednesday’s figures keep the prospect of another rate increase later this year on the table, however, perhaps at its November or December meetings, economists said, because core prices ticked up a …

What rising inflation means for you: CPI increases to a six-month high - what happens next?
1 year, 4 months ago

What rising inflation means for you: CPI increases to a six-month high - what happens next?

Daily Mail  

Inflation has risen higher than the national target, meaning consumers pay more Inflation rose above the Bank of England's 2 per cent target in October, reaching a six-month high. The bigger-than-expected rise in the headline inflation rate to 2.3 per cent coincided with another increase in core inflation, which has continued to run hot. Julian Jessop, economics fellow at the …

A surge foretold: On inflation data
1 year, 4 months ago

A surge foretold: On inflation data

The Hindu  

The latest NSO data, showing retail inflation accelerating to a 15-month high, comes less than a week after the Reserve Bank of India left interest rates unchanged even as it warned of “a substantial increase in headline inflation” in the near term. The primary driver of this surge was the food price component, with the Consumer Food Price Index-based inflation …

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