CPI (consumer price index) based inflation declined from a peak of 7.8% in April’22, when MPC started raising rates, to 4.3% by May’23. It appeared that the monetary tightening has been very effective in bringing down inflation. However, inflation rose back sharply to 7.4% in July’23 although came down marginally to 6.8% in Aug’23. So, […]
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