A vendor sells vegetables at a retail market in Kolkata, India. Reuters
High cost of ‘fuel and power’ due to the Russia-Ukraine war along with those of primary articles pushed up India’s March 2022 wholesale inflation to a 4-month high level.
Sounding a red alert on India’s consumer price index (CPI) inflation at an 8-year high print of 7.79 per cent YoY in April, Acuite Ratings has said it may trigger quicker rate hikes.
The Indian government is considering spending an additional 2 trillion rupees ($26 billion) in the 2022/23 fiscal year to cushion consumers from rising prices and fight multi-year high inflation, two government officials told Reuters.
Brent crude futures climbed 71 cents, or 0.76%, to $93.98 a barrel by 0809 GMT after settling 3 cents lower on Friday. US West Texas Intermediate crude futures extended gains for a second session, trading at $90.63 a barrel, up 60 cents, or 0.67%.
“Future100,” a collaborative initiative between the Ministry of Economy and the Government Development and the Future Office, has forged 25 strategic partnerships.
Suhail Bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, led the UAE delegation to the UAE-Indonesia Business Forum, which was held recently in the capital, Jakarta.