Business & Finance

Retail Inflation Surges To 7% In August On High Food Prices

Retail Inflation

Retail food inflation surged to 7.62 per cent in August as against 6.75 per cent recorded in the previous month. There was a sharp jump in vegetable prices. Inflation in vegetables soared to 13.23 per cent in August.

New Delhi: India’s retail inflation rose to 7 per cent in August from 6.71 per cent in the previous month due to a sharp rise in food prices, as per the government data released on Monday.

Retail inflation has been above the Reserve Bank of India’s tolerance band for the eighth consecutive month. With the headline inflation coming above 6 per cent for the eighth month in a row, the RBI is on a brink of failing to meet its inflation mandate. The RBI is mandated to keep inflation in a range of 2-6 per cent. The RBI is deemed to have failed in its mandate if the average inflation remains outside the 2-6 per cent band for three consecutive quarters.

Retail food inflation surged to 7.62 per cent in August as against 6.75 per cent recorded in the previous month. There was a sharp jump in vegetable prices. Inflation in vegetables soared to 13.23 per cent in August.

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In August, the price rise was sharper in rural areas than the urban areas. Rural inflation surged to 7.15 per cent in August from 6.8 per cent in the previous month. Urban inflation jumped to 6.72 per cent in August from 6.49 per cent in July 2022, as per the data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI).

The Price data are collected from selected 1114 urban markets and 1181 villages covering all States/UTs through personal visits by field staff of the Field Operations Division of NSO, MoSPI on a weekly roster.

During the month of August 2022, NSO collected prices from 99.9 per cent villages and 98.4 per cent urban markets while the market-wise prices reported therein were 89.6 per cent for rural and 92.8 per cent for urban.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.) 

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India Announce Squad For T20 World Cup, Series Against Australia & South Africa

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India’s home series against Australia consisting of three T20Is will take place from September 20 to September 25.

Mumbai: The All-India Senior Selection Committee met on Monday to pick India’s squads for the upcoming ICC Men’s T20 World Cup in Australia and for the T20I series against Australia and South Africa at home.

Pacers Jasprit Bumrah and Harshal Patel have made their return to the squad for the World Cup and for Australia and South Africa series. Pacers Mohammed Shami and Deepak Chahar have been included in the squad for T20 World Cup as standby players and also feature in squads for the two home series. ICC T20 World Cup will take place this year from October 16 to November 13.

Hardik Pandya, Arshdeep Singh, and Bhuvneshwar Kumar will be reporting to the National Cricket Academy (NCA) for conditioning-related work during the course of the home series against Australia and South Africa.

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India squad for ICC T20 World Cup: Rohit Sharma (Captain), KL Rahul (vice-captain), Virat Kohli, Suryakumar Yadav, Deepak Hooda, Rishabh Pant (wicket-keeper), Dinesh Karthik (wicket-keeper), Hardik Pandya, R. Ashwin, Yuzvendra Chahal, Axar Patel, Jasprit Bumrah, Bhuvneshwar Kumar, Harshal Patel, Arshdeep Singh.

Standby players – Mohd. Shami, Shreyas Iyer, Ravi Bishnoi, Deepak Chahar.
India Squad for Australia T20Is: Rohit Sharma (Captain), KL Rahul (vice-captain), Virat Kohli, Suryakumar Yadav, Deepak Hooda, Rishabh Pant (wicket-keeper), Dinesh Karthik (wicket-keeper), Hardik Pandya, R. Ashwin, Yuzvendra Chahal, Axar Patel, Bhuvneshwar Kumar, Mohd. Shami, Harshal Patel, Deepak Chahar, Jasprit Bumrah.

India squad for South Africa T20Is: Rohit Sharma (Captain), KL Rahul (vice-captain), Virat Kohli, Suryakumar Yadav, Deepak Hooda, Rishabh Pant (wicket-keeper), Dinesh Karthik (wicket-keeper), R. Ashwin, Yuzvendra Chahal, Axar Patel, Arshdeep Singh, Mohd. Shami, Harshal Patel, Deepak Chahar, Jasprit Bumrah.

India’s home series against Australia consisting of three T20Is will take place from September 20 to September 25.
The home series against South Africa comprises three T20Is and an equal number of ODIs and will be played from September 28 to October 11. The team for ODIs against Proteas has not been announced yet.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.) 

 

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