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BLOOMBERG
India’s inflation should abate in the coming months as policymakers are taking every possible step to cool down soaring prices, according to a top Finance Ministry official.
“I am very confident that it is a temporary spike and will not sustain,” Finance Secretary TV Somanathan said in an interview in New Delhi. “Every instrument in the toolkit is being used to reduce inflation. We will take a medium term view on the future steps.”
The Reserve Bank of India and PM Narendra Modi’s government are showing increased urgency to tame prices after retail inflation hit a 15-month high in July. Food inflation, which accounts for nearly half of the consumer price basket, quickened to 11.51%, registering its highest level since April 2020.
Prices of onions and tomatoes, key ingredients of Indian meals, are critical in the cost-sensitive nation where political parties have lost elections for failing to control inflation.