Market Updates
India's Inflation Reaches 8-Year High In April After Western Sanctions Sustain Higher Oil Prices
Arjun Pandit
14 May, 2022
New York City
The Consumer Price Index jumped in April to 7.79%, an 8-year high on the back of elevated food and energy prices.
The latest inflation rate was only exceeded by the 8.33% rate in May 2014.
The inflation rate in April 2021 was 4.23%.
The data released by the National Statistical Office showed higher prices of vegetables, oil, fuel, and food items drove the price surge in the month.
The inflation surged above the Reserve Bank of India's target rate of 4% for the fourth month in a row.
The rural and urban food price inflation rose to 8.38% in April from 7.68% in March, a 17-month high.
Inflation rate in the rural areas was at an 8-year high rate of 8.38% in April and urban areas was at an 18-month high 7.09%.
Core rate of inflation in April which excludes food and energy prices rose to a 95-month high of 6.97% and stayed above 5% for the 24th month in a row.
Health service inflation increased 7.2% rate, a 16-month high and prices for education services rose at 23-month high of 4.12%.
The sustained rate of high inflation forced the Reserve Bank of India to announce an unscheduled repo rate increase of 40 basis points or 0.4% and CRR by 0.5% on May 11th.
If the current trend persists then the inflation rate is likely to stay above 7% for the fiscal 2023.
RBI may be forced to increase rates at the next two meetings in a row and kill the additional demand and slow down the economic recovery.
The Industrial Production Index increased 1.9% in March, a separate report from the statistics bureau noted.
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