PHD Chamber Comments on Inflation data-Deceleration in CPI in line with expectations: PHD Chamber
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Deceleration in CPI inflation to 6.7% in October 2022 from 7.4% in September 2022 is majorly softened by significant deceleration in the inflation rate of food and beverages from 8.41% to 7.04% and fuel and light from 10.39% in September 2022 to 9.93% in October 2022, both these items have a weight of more than 41% in the total CPI basket, said Mr. Saket Dalmia, President, PHD Chamber of Commerce and Industry, in the press statement issued here today.
Fall in inflation rate is in line with our expectation that CPI inflation may fall below 6% by December 2022, said Mr Dalmia.
Calibrated efforts undertaken by the Government and Reserve Bank of India have significantly impacted the escalation in the inflation. The WPI inflation has softened to 8.39% in October 2022 from its peak of 16.2% in June 2022 and CPI Inflation has fallen from its peak of 7.8% in the month of April 2022 to 6.7% in the month of October 2022, said Mr. Saket Dalmia
Going ahead, continued calibrated steps by the Government and RBI would be crucial to bring down inflation in the targeted trajectory along with maintaining economic growth at around 7% in the current financial year 2022-23, said Mr. Saket Dalmia.
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