: October inflation likely to be below 7%, says RBI governor #IndiaNEWS Inflation print for October will be lower than 7% driven by measures taken by the Union government and the Reserve Bank of India

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October inflation likely to be below 7%, says RBI governor #IndiaNEWS
Inflation print for October will be lower than 7% driven by measures taken by the Union government and the Reserve Bank of India in the last 6-7 months, the central bank’s Governor Shaktikanta Das said on Saturday, reported PTI. The statement came as the retail inflation rate has remained above 7% between June and September. In September, the price rise indicator was 7.41%. It was 7% in August, 7.04% in May, 7.01% in June. Retail inflation has also remained above the upper limit mandated by the Reserve Bank for nine straight months now. The central bank aims to keep inflation in the range of 2% to 6%.To tackle inflation, the Reserve Bank has raised the repo rate on three occasions between May and September. During the period, the central bank has also cut its growth forecast to 7% from an earlier estimate of 7.2%.On Saturday, Das said at the HT Leadership Summit that there is no need to change the goal post for price rise targeting as higher than 6% inflation would hurt growth. “Inflation is a matter of concern with which we are now dealing and dealing effectively,� he said.Meanwhile, Das also said that India will continue to be the fastest growing major economy with a likely growth rate of 7% in 2022-’23.The RBI governor...Read more

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