INFLATION MEASUREMENT DISTRICTS
States endorse MoSPI plan for district surveys
India is gearing up to collect economic data at the district level, aiming to release gross district development figures by January 2026. This initiative, endorsed by all states, will encompass data on household consumption, employment, inflation, and more. The move aims to bolster the state statistical system and provide valuable insights for both government and private sector decision-making.
Boeing workers reject contract, extend strike, union says
Boeing workers in Seattle have rejected the company's latest contract offer and extended their six-week strike. The union demanded higher wages and a reinstated pension plan. This strike affects Boeing's factories and adds to the company's challenges, including production slowdowns and financial losses. Boeing's CEO hopes to resume negotiations soon.
India's high food inflation leaves less in lunch boxes of poor school children
Rising food inflation over nearly two years in India has caused budgetary strain on government-funded school meal programs, forcing cutbacks in key nutritious ingredients, thereby compromising the quality of meals provided to nearly 120 million children, impacting their nutrition and highlighting economic inequality.
Fed policymakers agree on need for rate cuts, but their reasons vary
U.S. central bankers are likely to cut interest rates at their upcoming meeting, driven by a range of economic data showing cooling inflation and a stable labor market. While some policymakers remain cautious, most agree that reducing rates is necessary to prevent undue damage to the job market and support economic stability.
Charting the global economy: Inflation eases in US and Europe
Inflation has cooled in the US and Europe, setting the stage for potential interest rate cuts in September.
Atmanirbhar thali: Govt is bringing self-sufficiency to dining table
India's reliance on imported pulses, like tur dal, has surged due to low domestic production. The government is now focused on boosting cultivation to achieve self-sufficiency. The high prices of pulses have impacted food inflation, prompting the RBI to maintain interest rates. Measures are being taken to stabilize the economy and control inflation.
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2025 could be a great time to be President, economically speaking
With inflation returning to normal and infrastructure projects set to break ground, the U.S. economy is poised for a strong future. President Biden decided not to seek reelection, passing the torch to Vice President Harris. New factories and infrastructure projects fueled by recent legislation are expected to boost employment and manufacturing. Potential uncertainties remain.
Don't take inflation lightly, Chidambaram cautions government
Former finance minister P Chidambaram warned the government about the consequences of underestimating inflation, which he said was severely affecting families. He questioned why the RBI hadn't reduced bank rates if inflation was low. Chidambaram also criticized the purported lack of employment generation and accused the government of failing to address economic disparities effectively.
Pressure on your food bills has doubled in 2 years, Economic Survey explains why that happened
Economic Survey 2024, presented by Union Finance Minister Nirmala Sitharaman, highlighted a sharp rise in food inflation in India. From 3.8% in FY22, it increased to 6.6% in FY23 and further to 7.5% in FY24, reflecting a significant 97% surge over two years.
Election results in the onion belt increases hopes of industry and farmers for more farm friendly policies
"Soyabean prices have been low as the crushing of our own crop was less due to higher imports of cooking oils. Low import duties and low prices in the international markets led to a substantial increase in the import of cooking oils," said BV Mehta, executive director, the Solvent Extractors' Association (SEA).
Gorakhnath Math, caste at play as voters rue job distress, inflation
Sadanand Shukla of Gorakhpur, a Brahmin, is a supporter of the BJP but criticizes the party for not doing enough to alleviate job distress in the Gorakhnath math and Hindutva constituency. The party has focused on welfare measures for the backwards and Dalits but not doing anything to alleviate the job distress that is pinching its most loyal support base.
About 10 million people at risk of slipping into poverty in Pakistan: World Bank
The World Bank's report paints a grim economic picture of Pakistan, with slow growth, high inflation, and missed targets contributing to increased poverty risks, exacerbated by limited wage growth and chronic inflation.
Fed's inflation puzzle still missing a piece or two
U.S. Federal Reserve officials remain hesitant to declare victory in the fight against inflation as price increases have slowed. Data from December showed overall consumer price inflation rising, while underlying inflation fell. Producer prices dropped and retailer margins fell sharply, indicating potential price competition. However, shelter costs and prices for services like auto insurance continue to rise. The Atlanta Fed wage tracker revealed higher pay raises for workers staying in their jobs, contradicting the idea of a settling labor market. The Fed requires more evidence before committing to interest rate cuts.
Demand uptick, easing inflation in developed mkts to provide silver lining for exports in 2024
Despite various challenges, India's goods and services exporters have managed to tap opportunities in developed as well developing economies.
Govt took many pro-active steps to control prices of food items: Piyush Goyal
On National Consumers Day, Food and Consumer Affairs Minister Piyush Goyal claimed that the Central government has made various efforts to control the prices of foot items. ??On steps taken by the central government, Goyal highlighted that 140 new price monitoring centres have been set up to keep a close watch on wholesale and retail prices of essential commodities.
Amazon sued in US over allegations it inflates online prices and overcharges sellers
US regulators and 17 states have filed a lawsuit against Amazon, accusing the e-commerce giant of abusing its market position to inflate prices and stifle competition. The lawsuit alleges that Amazon engages in anti-competitive practices by discouraging sellers from offering lower prices on other platforms, charging high fees, and favoring its own products over others.
U.S. economic activity modest, job growth subdued: Fed survey
The release comes two weeks ahead of the Fed's next rate-setting meeting, on Sept. 19-20, at which policymakers are widely expected to hold their target for short-term borrowing costs steady in the current 5.25%-5.5% range but to also leave open the door to a final quarter-point rate hike before the end of the year.
Mass protests erupt over unjust tax hikes, electricity bills, inflation in PoK
Thousands of people in Pakistan-occupied Kashmir are protesting against the government over tax hikes, high electricity bills, and a lack of essential services. Pro-independence groups and nationalist parties are also calling for freedom from Pakistan's control. The protesters are demanding a complete shutdown and are blaming Pakistan for exploiting the region and not sharing revenue fairly.
PM Modi's full interview: India PM shares views on inflation, G-20 meetings, climate change, Chinese debt trap & more
Prime Minister Narendra Modi on Sunday unfolded his opinions on various issues including inflation, G-20 meetings, climate change and more. Following is the transcript of PTI's exclusive interview with PM Modi by Editor-in-Chief Vijay Joshi and senior editors late last week at his Lok Kalyan Marg residence.
Food inflation worries mount as scanty August rains hit key crops
With rainfall deficiency of up to 40%, the dry weather conditions are likely to extend for a few days in September as well, said experts. As most of the kharif crops are waiting for a spell of showers, this extended period of dryness may not auger well for many kharif crops.
Tomato prices up on rains, crop seasonality, says FM Nirmala Sitharaman
White fly disease in Kolar district of Karnataka, heavy monsoon showers in parts of northern India and logistics disruptions in isolated areas in the wake of floods are also to be blamed for the sudden surge in tomato prices, the minister said in a reply to the Lok Sabha.
Tomato prices flared up by rains, seasonal factors; government taking steps to curb food inflation: FM Nirmala Sitharaman
In a written reply in the Lok Sabha, the minister said white fly disease in Kolar district of Karnataka, heavy monsoon showers in parts of northern India and logistics disruptions in isolated areas in the wake of floods are also to be blamed for the sudden surge in tomato prices.
Seasonal supply side problems adding to inflation, govt monitoring continuously: Finance Minister
Highlighting that efforts have also been made to bring down fuel and natural gas prices, Union Finance Minister Nirmala Sitharaman said these are imports coming into the country and the prices are high in the global market, due to the impact of Covid and Russia-Ukraine war.
Can Budget measures inoculate India against the deadly virus' visit from China?
??The surge in cases is fueling concerns that countries might reinforce various restrictions once again. The rising Covid-19 counts in China are particularly worrying for India, as China has lifted its zero covid policy which has increased the risk of contagion, especially with its neighbouring countries. Given China¡¯s linkages with the world economy, investors will remain highly risk averse towards emerging markets, including India impacting financial flows.
US stock market: Dow, Nasdaq slip as concerns rise of stricter China COVID curbs
The S&P 500 energy sector index fell almost 3% on Monday to its lowest level in four weeks as oil prices tumbled more than 5% after a report that Saudi Arabia and other OPEC oil producers were discussing an output increase. The index, however, pared losses after Saudi Arabia denied talks about it.
Rise in U.S. consumer spending beats expectations; wage inflation slows
"Americans may say they are worried about inflation, but they are still out shopping, which keeps the economy growing for another quarter," said Christopher Rupkey, chief economist at FWDBONDS in New York. "There can be no chance that inflation pressures will subside in the near term from slowing demand."
States step up relief measures for households battling inflation
Politicians are worried about the impact of sharp increase in prices on household essentials. For example, food inflation, which accounts for nearly 40% of the CPI basket, rose 7.62% year on year in August compared to a revised 6.69% in July, the National Statistics Office said on Monday.
New Zealand hands out extra cash to fight 'inflation storm'
The inflation payments of 350 New Zealand dollars ($220) over three months begin in August and are targeted at the half of all adults who earn less than 70,000 New Zealand dollars ($44,000) per year. The government also decided to extend some other temporary measures aimed at combatting spiraling living costs, including a cut to gas taxes and half-price public transportation fares.
Food inflation pain puts emerging markets between rock and hard place
Global food prices have climbed for two years, fuelled by COVID-19 disruptions and weather woes. Supply shocks to grains and oils from Russia's invasion of Ukraine saw them hit an all-time record in February, and again in March.
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