As inflation rate soars in India, take a look at situation in US, UK, China, Pakistan
India Today
The US, the UK, and China are also grappling with spiralling commodity prices. Pakistan and Sri Lanka are encountering the worst economic crisis.
Price rises of essential commodities, vegetables, edible oil and petroleum products have hit common people as inflation rate in India skyrocketted in recent times.
However, India is not the only country that has been witnessing rising inflation. Developed nations such as the US, the UK, and China are also grappling with spiralling commodity prices. While India's neighbours Pakistan and Sri Lanka are encountering the worst economic crisis, South Korea is also facing the issue of inflation.
Price rises and inflation rates raised concerns during the Covid-19 pandemic, but the ongoing Russia-Ukraine war has complicated the situation as several countries across the world are facing worsening supply bottlenecks.
Retail inflation soared to a 17-month high of 6.95 per cent in March. This is the third consecutive month that inflation remained above the 6 per cent mark. The previous high at 7.61 per cent was recorded in October 2020.
The Consumer Price Index (CPI) based inflation rose mainly on account of rising prices of essential food items like 'oils and fats', vegetables and protein-rich items such as 'meat and fish'.
Retail inflation tracked by the CPI measures the changes in prices from a retail buyer's perspective.
Last week, the Reserve Bank of India (RBI) raised the retail inflation target for the current financial year to 5.7 per cent even as it expected the prices of cereals and pulses to soften on prospects of good winter crop harvest. In its earlier policy review in February, the RBI had projected retail inflation to be at 4.5 per cent in 2022-23.
