India’s Inflation Rate Hits 8-Year High

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India’s Inflation Rate Hits 8-Year High

India’s inflation rate hit an eight-year high in June 2023, as rising food and fuel prices put a strain on household budgets. The Consumer Price Index (CPI) rose to 7.01% in June, up from 6.30% in May. This is the highest inflation rate in India since May 2014.

The main drivers of inflation are rising food and fuel prices. Food prices rose 7.75% in June, while fuel prices rose 9.55%. These increases are due to a number of factors, including the war in Ukraine, which has disrupted global supply chains and led to higher energy prices.

The rising inflation rate is a cause for concern for the Indian government. The RBI, the country’s central bank, has raised interest rates in an attempt to cool inflation. However, it is unclear whether these measures will be enough to bring inflation under control.

India Inflation Rate 2023 | Consumer Price Index | Take-profit.org

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