RBI has maintained consumer price index (CPI) inflation forecast for FY23 at 6.7 per cent.
"Inflation projection is retained at 6.7 per cent for the current year, with Q2 at 7.1 per cent, Q3 at 6.5 per cent & Q4 at 5.8 per cent with risks evenly balanced. CPI inflation is projected to further reduce to 5 per cent in Q1 of FY 2023-24. Monetary policy must remain alert and nimble," said RBI Governor Shaktikanta Das.
The inflation is impacting countries around the globe. Let's take a look as to how various countries fare.
Germany
The German inflation was at its peak in almost 25 years in September, driven by higher energy prices, data showed on Thursday.
Consumer prices in Germany rose 10.9 per cent in the year to September, from 8.8 per cent in August.
The increase was due to higher costs for energy, which were 43.9 per cent higher compared with September 2021 according to Reuters.
Rising energy prices spurred by dwindling gas supplies from Russia have pushed inflation rates to highs not seen in decades.
Argentina
Argentina's, which has one of the world's highest inflation rates as it. soared to nearly 80 per cent from a year earlier,
The situation has been aggravated by rising global food and fuel costs. The government has pushed retailers to freeze some prices, with some supermarkets rationing purchases of staples in a bid to control prices.
Netherlands
The Dutch annual rate of inflation has risen to a record 17.1 per cent in September, according to its national statistics agency CBS said. In August the rate reached 13.7 per cent, which too was a record.
Energy prices are the main reason behind the increase. They are up 114 per cent on a year ago basis, the CBS said.
United Kingdom
Britain's consumer price index, hit a 40-year high of 10.1 per cent in July before easing back to 9.9 per cent in August.
The ongoing Ukraine-Russia crisis, which has spurred fuel costs across the European regions has been a factor in the high inflation rates that can be seen.
