Consider the following statements regarding Economic survey 2022-23:
1) In FY23, retail inflation was mainly driven by higher food inflation, while core inflation stayed at a moderate level.
2) Food & Beverages’, ‘Clothing & Footwear’, and ‘Fuel & Light’ were the least contributors to headline inflation.
3) The Russia Ukraine crisis has not made much of an effect on headline inflation.
Which of the statements given above is/are correct?
Headline Inflation Declined from its Peak: FY22 witnessed lower CPI-Combined (CPI-C) based retail inflation as compared to FY21. During FY22, some sub-groups such as ‘oils & fats’, ‘fuel & light’ and ‘transport & communication’ reported high inflation. This was mainly driven by supply disruptions caused by pandemic-induced lockdowns. FY23, began with the Russia-Ukraine crisis that led to high headline inflation rate in April 2022. In FY23, retail inflation was mainly driven by higher food inflation, while core inflation stayed at a moderate level. Hence, statement 3 is incorrect. Retail Inflation Driven by Food Commodities: Retail price inflation mainly stems from the agriculture and allied sector, housing, textiles, and pharmaceutical sectors. Hence, statement 1 is correct. During FY23, ‘food & beverages’, ‘clothing & footwear’, and ‘fuel & light’ were the major contributors to headline inflation– the first two contributing more this fiscal than in the previous one. Hence, statement 2 is not correct. Within the ‘miscellaneous’ group, high inflation was observed in subgroups ‘household goods and services’ and ‘personal care and effects’ owing to the revival of consumer demand in the post-Covid-19 period.
When was the Sickle Cell Anaemia Elimination Mission launched by the Prime Minister?
What is the penalty amount imposed by the Reserve Bank of India (RBI) on Paytm Payments Bank for non-compliance with KYC directions, cybersecurity guide...
The National Stock Exchange (NSE) has launched 13 new commodity derivatives contracts, a move that will help investors efficiently manage their risk.How...
Intellect Design Arena Ltd, has signed a ₹80 crore, five-year deal with ________ to deploy Intellect’s eMACH.ai powered Cash Management System that ...
National Highways Logistics Management Ltd (NHLML), an NHAI subsidiary, has signed an agreement for the development of Multi Modal Logistics Park (MMLP)...
Which of the following is the major objective of SAUBHAGYA- Pradhan Mantri Sahaj Bijli Har Ghar Yojana?
Which date will be celebrated as National Space Day?
Which Indian state celebrates the cultural festival of solidarity known as "Mera Hou Chongba," involving various indigenous ethnic groups such as the Me...
Union Ayush Minister, Sarbananda Sonowal has laid the foundation stone of the Heartfulness International Yoga Academy in which state?
What is the purpose of the Anand Marriage Act, which has been implemented in Jammu and Kashmir?