India August CPI Will Be Announced Today-Timing And Forecast

India August CPI Will Be Announced Today-Timing And Forecast

India August CPI Will Be Announced Today-Timing And Forecast: After clearing the critical 20,000 mark in the previous session, the local market began Tuesday on a bullish note with benchmark index Nifty50 starting 0.45% higher at the 20,110.15 level on September 12, 2023.

The 30-scrip benchmark index Sensex started Tuesday’s trading session 0.5% higher at 67,506.88.

Investors on Dalal Street will keep a close eye on the Consumer Price Index (CPI), which will be issued later in the day, to determine India’s retail inflation for August 2023.

On Tuesday, September 12, 2023, at 5:30 p.m., the Ministry of Statistics and Programme Implementation will issue the domestic CPI inflation data for August.

As most vegetable prices fell from their highs and appeared to be slowing at the end of August to drop to 7% year-over-year (YoY) in August from 7.44% in July 2023.

A recent spike in crude oil prices, which have recently held stable close to their 10-month highs on optimism over recent supply cuts, has further fueled renewed worries about inflationary pressures.

Even though it is lower than the figure for the previous month, it is still higher than the Reserve Bank of India’s (RBI) mandated tolerance band of 2-6% in its projection of a 7% CPI print for August.

In July 2023, the domestic CPI inflation spiked to a 15-month high of 7.44%, largely as a result of an increase in the cost of vegetables and other food goods including spices, lentils, and cereals.

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