Peloton consumer demand

US President Joe Biden (File image: Reuters) As Americans deal with the highest inflation in decades, President Joe Biden has declared that combating rising costs is a priority for his administration. Lately, he has cited one policy in particular as an inflation-fighting tool: shrinking the nation’s budget deficit. “Bringing down the deficit is one way to ease inflationary pressures in an economy,” Biden said this month. “We reduce federal borrowing and we help combat inflation.” The federal budget deficit — the gap between what the government spends and the tax revenue it takes in — remains large. But Biden has pointed out that it shrank by $350 billion during his first year in office and is expected to fall more than $1 trillion by October, the end of this federal budget year. Rather than stemming from any recent budget measures by his administration or Congress, the deficit reduction largely reflects the rise in tax receipts from strong economic growth and the winding … [Read more...] about Biden’s curious talking point: Lower deficits offer inflation relief

Representative image Oil prices continue to surge over fears of supply disruption as Russia faced collective sanctions from the US and allies following its invasions of Ukraine. On March 2, Brent crude futures rose by as much as $8 and touched $113.02 a barrel, the highest since June 2014, before easing to $111.75, news agency Reuters reported. Such elevated prices have wide ramifications for India, given that about 85 percent of the crude processed by domestic refiners is imported. High prices can put upward pressure on inflation, increase the cost of inputs for various industries, make transportation expensive, raise the import bill and lead to deterioration of the current account. The Economic Survey of 2021-22 had flagged the risk of imported inflation, arising from elevated global energy prices but the Budget for 2022-23 and the Reserve Bank of India’s monetary policy committee have taken a relatively benign view on crude oil prices—they have estimated that it would … [Read more...] about Crude hovers around $110, India has a lot to worry about

A view shows a tank, which was destroyed during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine May 20, 2022. (REUTERS/Alexander Ermochenko) KYIV/OSLO — Russia stopped providing gas to Finland in an escalation of a row over energy payments with the West on Saturday and intensified an offensive in the Donbas region of eastern Ukraine. After ending weeks of resistance by the last Ukrainian fighters in the strategic southeastern city of Mariupol, Russia is waging what appears to be a major offensive in Luhansk, one of two provinces in Donbas. Russian-backed separatists already controlled swathes of territory in Luhansk and the neighboring Donetsk province before the Feb. 24 invasion, but Moscow wants to seize the last remaining Ukrainian-held territory in Donbas. The end of fighting in Mariupol, the biggest city Russia has captured so far, could be crucial to that ambition and gives Russian President Vladimir Putin a rare victory after a series of setbacks … [Read more...] about Russia cuts gas flow to Finland, intensifies push for Donbas

REUTERS/Ajay Verma India's inflation based on the Wholesale Price Index (WPI) rose further to 15.08 percent in April from 14.55 percent in March, according to data released by the commerce ministry on May 17. The WPI inflation was 10.74 percent a year ago. Another 10 percent-plus print in April means WPI inflation has extended its stay in double-digit territory to 13 months in a row. The rise in wholesale inflation in April comes after data released on May 12 showed the more closely tracked headline retail inflation rate based on the Consumer Price Index (CPI) jumped to 7.79 percent in April - the highest since May 2014, or 95 months. Expectations of a sharp increase in inflation in April forced the Reserve Bank of India's (RBI) Monetary Policy Committee to meet more than a month in advance of their scheduled meeting in June and announce a 40-basis-point hike in the repo rate on May 4. At 15.08 percent, the inflation print for April is the highest in the current series, … [Read more...] about WPI inflation rises further to 15.08% in April from 14.55% a month back

India is 80% dependent on imports for meeting its oil needs and retail rates adjust according to the global movement in crude prices. (Representative Image) Prices of petrol and diesel have remained steady for more than 40 days now. Since the end of a four-and-a-half-month-long halt in rate revision on March 22, rates of petrol and diesel have increased by Rs 10 a litre each through 14 revisions. Fuel prices were last hiked on April 6 by 80 paise a litre each. According to a price notification from fuel retailers, petrol in Delhi now costs Rs 105.41 a litre and diesel Rs 96.67 a litre. In Mumbai, petrol and diesel prices are at Rs 120.51 and Rs 104.77 per litre, respectively. In Chennai, petrol costs Rs 110.85 and diesel Rs 100.94 per litre; and in Kolkata, petrol is at Rs 115.12 per litre and diesel at Rs 99.83 per litre. Oil marketing companies (OMCs) began to raise retail prices of fuel on March 22. In March, the hike was Rs 6.40 a litre each and in April the hike … [Read more...] about Fuel Prices on May 21: Check out petrol, diesel rates in Mumbai, Delhi and other cities

India meets 80 percent of its oil needs through imports. Retail rates are adjusted according to the global movement in crude prices (Representative Image) Prices of petrol and diesel have remained steady for more than 40 days now. Since the end of a four-and-a-half-month-long halt in rate revision on March 22, rates of petrol and diesel have increased by Rs 10 a litre each through 14 revisions. Fuel prices were last hiked on April 6 by 80 paise a litre each. According to a price notification from fuel retailers, petrol in Delhi now costs Rs 105.41 a litre and diesel Rs 96.67 a litre. In Mumbai, petrol and diesel prices are at Rs 120.51 and Rs 104.77 per litre, respectively. In Chennai, petrol costs Rs 110.85 and diesel Rs 100.94 per litre; and in Kolkata, petrol is at Rs 115.12 per litre and diesel at Rs 99.83 per litre. Oil marketing companies (OMCs) began to raise retail prices of fuel on March 22. In March, the hike was Rs 6.40 a litre each and in April the hike … [Read more...] about Fuel Prices on May 20: Check out petrol, diesel rates in Mumbai, Delhi and other cities