Monday, July 16, 2018
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WPI inflation rises to 5.77 pc in June on costlier veggies, fuel

16 Jul 2018 | 12:42 PM

NEW DELHI: Inflation based on wholesale prices shot up to 5.77 per cent in June on increasing prices of vegetables and fuel items.

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New Delhi, July 16

Inflation based on wholesale prices shot up to 5.77 per cent in June on increasing prices of vegetables and fuel items.

The Wholesale Price Index (WPI) based inflation stood at 4.43 per cent in May and 0.90 per cent in June last year.

According to the government data released today, inflation in food articles stood at 1.80 per cent in June 2018, as against 1.60 per cent in the preceding month.

Inflation in vegetables jumped to 8.12 per cent in June, from 2.51 per cent in the previous month.

Inflation in 'fuel and power' basket too rose sharply to 16.18 per cent in June from 11.22 per cent in May as prices of domestic fuel increased during the month in line with rising global crude oil rates.

Potato inflation was at a peak of 99.02 per cent, against 81.93 per cent in May. Price rise in onion was 18.25 per cent during June, as against 13.20 per cent in the preceding month.

Deflation continued in pulses at 20.23 per cent in June.

The WPI inflation for April was revised upwards to 3.62 per cent from the provisional estimate of 3.18 per cent.

Data released last week showed retail inflation scaled a 5-month high of 5 per cent in June on costlier fuel. RBI mainly takes into account retail inflation data while formulating monetary policy.

Rising inflation affirms RBI's forecast. The apex bank has revised upwards its retail inflation projection for October-March to 4.7 per cent from 4.4 per cent earlier.

In its second monetary policy review for the fiscal, the Reserve Bank last month hiked interest rate by 0.25 per cent -- the first hike in more than four years -- due to growing concerns about inflation stoked by rising global crude oil prices as well as domestic price increases.

The price of Indian basket of crude surged from US$ 66 a barrel in April to around US$ 74 currently.

The next meeting of the RBI's interest rate fixing panel is from July 30 to August 1. PTI

WPI inflation rises to 5.77 pc in June on costlier veggies, fuel
China economic growth slows in second quarter

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tax advice

Rebate u/s 87A if total income less than Rs 3.5 lakh

16 Jul 2018 | 12:43 AM

Q. Please guide in respect of rebate under Section 87A. As per my understanding, this rebate is available to individual salaried persons. If so, whether the rebate is available to employees whose total income for the FY 2016-17 (AY 2017-18) is less than Rs 5 lakh or taxable income is less than Rs 5 lakh?

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Passenger vehicles export from India dips 7.37% in Q1

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Trade deficit widens to $16.6 billion

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IKEA to make India debut on August 9

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NEW DELHI:Swedish furniture major IKEA has postponed the dates of opening its first store at Hyderabad by almost 20 days to August 9 as its needs some more time to fulfil quality commitments.

Infosys nets Rs 3,612-cr profit, announces 1:1 bonus issue

14 Jul 2018 | 12:07 AM

NEW DELHI:IT bellwether Infosys on Friday reported a consolidated net profit of Rs 3,612 crore in the first quarter of the current fiscal.

Fortis takeover battle ends

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