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US inflation rate at 8.3% in August

14 Sep 2022 , 02:15 PM

The world’s financial markets were shaken on Wednesday by a more persistent US inflation. As consumer demand increases and supply-side bottlenecks remain, there is little chance of a break from the increased pricing. On a year-on-year basis, US inflation rate stood at 8.3% in August. Core CPI inflation rate stood at 6.3%.
At its upcoming meeting on September 21, the US Federal Reserve is anticipated to slam the inflation monster with a sledgehammer rate increase of 75 basis points. In the Jackson Hole speech, Federal Reserve chairman Jerome Powell very well stated his plans to combat inflation with full force.

The fact that core inflation in the US increased by 0.6% from July to August, following a softer 0.3% increase in July, is more concerning. The US macroeconomic signals and the unexpected spike in domestic inflation will cause RBI to reconsider its rate trajectory. Analysts anticipate a more abrupt 50 basis point increase at the following policy meeting.

In August, India’s domestic retail inflation rate increased by 7%, mostly due to rising food costs. The cost of cereal increased by 9.5% year over year. Aditi Nayar, the chief economist at ICRA, stated that as retail inflation in India recovered to 7.0% in August 2022, “we expect the MPC to go in for another 50 bps raise in the forthcoming review.”

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  • India
  • Indian economy
  • inflation
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