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Tuesday, September 27, 2022

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Pointed Attack On Inflation Will Need To Continue: Finance Minister

With consumer price inflation remaining high, Finance Minister Nirmala Sitharaman on Tuesday said item by item monitoring of prices and pointed attack on inflation will need to continue.

Her remarks came hours after official data showed that retail inflation in June stood at 7.01%. The print was lower than 7.04% recorded in May but still higher than RBI’s comfort level of 6%.

“As RBI has estimated, till the start of the second half of the (fiscal) year, both RBI and government will have to be mindful,” she told reporters.

India’s fiscal year is from April to March and second half would be from October.

“We will have to be mindful and watchful how the price movement is,’ she said. ‘I will keep monitoring (prices) item by item for anything that goes haywire. This pointed attack on inflation will need to continue.”

The finance minister also said a favourable monsoon will lead to good production and rural demand.

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