Delhi News: The finance ministry said on Monday that the rise in inflation was due to an unfavorable benchmark in addition to rising food and fuel prices. Along with this, he expressed confidence that the steps taken to bring inflation under control will see their impact in the coming months. According to official data, retail inflation rose to 7 per cent. in August against 6.71 per cent. in July.
Core inflation stood at 5.9 per cent
The ministry said headline inflation stood at 5.9 percent in August, below the Reserve Bank’s maximum satisfactory level of six percent for the fourth consecutive month. Prices of food and energy products are not included in core inflation. In a tweet, the finance ministry said: “Retail inflation (gross inflation) based on consumer price index increased marginally to 7 per cent in August from 6.71 per cent in July 2022. This is due to negative comparative effect and rise in food and fuel prices.
ban on ine exports
However, the ministry has expressed hope that due to the restrictions imposed by the government on the export of flour, rice, maida etc., their prices are likely to soften. According to the ministry, “The government has imposed restrictions on exports of wheat flour, rice flour, etc. to maintain domestic supply and to control the rise in prices. These measures are expected to have a significant positive impact in the coming months.”
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