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Inflation accelerates to 6.93% - Daily Current Affairs 2021
Inflation accelerates to 6.93%

Why is it in news?
  • Retail inflation spiked to 6.93 per cent in July, despite a purported Covid-induced demand compression in the economy.
  • The inflation remained above the RBI’s medium-term target for a tenth straight month.
  • The RBI’s medium-term inflation target is set at 4%.
Details:
  • The price pressure was mostly aided by dearer food articles (price hike in food items).
  • This suggests supply disruptions may have more than offset any demand destruction in the economy following the COVID-19 pandemic.
Monsson Relief:
  • Monsoon rains are expected to be 104% of a long-term average in August and September.
  • This indicating bumper harvests and helping to alleviate some of the economic damage caused by the novel coronavirus pandemic.
Posted by Jawwad Kazi on 14th Aug 2020
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