India Inflation Data: The World Bank has increased the inflation rate estimate for the current financial year from 5.2 percent to 5.9 percent.
India GDP Data: India’s GDP is estimated to be 6.3 percent in the financial year 2023-24. While releasing the estimates, the World Bank said that due to the increasing investment in the country, this figure of growth rate can remain.
But the World Bank has made a big increase in the inflation rate estimate for the current financial year. He believes that the inflation rate may be 5.9 percent in this financial year. Earlier the World Bank had estimated an inflation rate of 5.2 percent, which is close to the 6 percent upper limit of RBI.
No relief from inflation
The World Bank said that during the monsoon, there has been a sharp rise in the prices of food items in the country in July 2023. Although food inflation has come down in August, its effect can be seen during the remaining period of the financial year. The world has also expressed concern over the rising prices of crude oil.
He believes that crude oil prices are low compared to the high levels of 2022 but the recent increase could increase the problems. The World Bank said that the retail inflation rate in the month of August was 6.8 percent, which is less than 7.4 percent in July and it is expected to be even lower in September.
