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RBI MPC Meeting: Inflation will hit for one year! Reserve Bank said – at present the situation is not under control

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For the next 12 months, the rate of retail inflation will remain above 4 percent.
The inflation forecast for the current financial year has been retained at 6.7 per cent.
The retail inflation rate in the third quarter has been estimated at 6.6 percent.

New Delhi. This time in the meeting of the Monetary Policy Committee (RBI MPC Meeting), even though the Reserve Bank has indicated relief on debt by increasing the repo rate less, but the mouth of the inflation witch is not going to be closed for the next one year. The RBI Governor said after the MPC meeting, it is not possible to control inflation at present and the rate of retail inflation will remain above 4 percent for the next 12 months.

The central bank said that even though the food inflation rate is coming down, but the inflation rate of basic products still remains a matter of concern. The overall pressure is not reducing due to high inflation rate of basic products like cement, coal, electricity. This is the reason why despite the recent decline in the retail inflation rate, the inflation forecast for the current financial year has been retained at 6.7 per cent.

Read this also – RBI MPC Meeting: Debt has become costlier! Reserve Bank increased repo rate by 0.35 percent

No relief expected for 12 months
After the meeting, Governor Shaktikanta Das clearly said that there is no hope of special relief from retail inflation for the next 12 months. In the third quarter of the current financial year, the retail inflation rate has been estimated at 6.6 percent, while it is expected to be 5.9 percent in the fourth quarter. Earlier, RBI had estimated 6.4 percent for the third quarter and 5.8 percent for the fourth quarter. Not only this, the first estimate for the second quarter of the current financial year was 7.1 per cent.

Inflation will make you cry in the next budget financial year as well
Governor Das said that retail inflation in the current financial year 2022-23 will make the common man cry in the next financial year as well. In the first quarter of 2023-24, the retail inflation rate is estimated to be 5 percent, while it is expected to increase to 5.4 percent in the second quarter. Significantly, the RBI has set a target of bringing the rate of retail inflation in the range of 4 to 6 percent.

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Eyes on the target like Arjun – Das
Governor Shaktikanta Das has said that even though inflation is troubling us now, our eyes are fixed on our goal like Arjun. Our fight with inflation will continue and we will not hesitate to take further tough measures if needed. Significantly, the rate of retail inflation was 6.77 percent in October. This was the 10th consecutive month when the rate of retail inflation was outside the range of 6 percent fixed by RBI.

Tags: business news in hindi, inflation, RBI Governor, rbi policy, Shaktikanta Das

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