Retail inflation hits six-month high of 2.92% in April. WPI inflation slips to 3.07% in April. Bitcoin price rises beyond $8,000 mark. Vodafone Idea falls 4% after global research firm CLSA cuts target price. Jet Airways CFO and Deputy CEO Amit Agarwal quits. Shares of SoftBank slump following Uber’s lackluster IPO. Consumers can pursue a lawsuit complaining that iPhone apps cost too much, rules New York Supreme Court.
Moving on to the top Business news of the day.
Retail inflation hits six-month high of 2.92% in April. WPI inflation slips to 3.07% in April.
Invest in Inflation..It’s the Only Thing Going Up!: India's inflation based on Consumer Price Index (CPI) or retail inflation touched a six-month high in April to 2.92% vs 2.86% in March on back of spike in food prices, including vegetables, meat, fish and eggs. This is below the RBI target of 4 (+/-2) per cent.
The previous spike was recorded in October 2018, when the rate was 3.38%.
Chart: India Consumer Price Index (CPI) trend here.
Some Highs, Some Lows: India’s wholesale price-based (WPI) inflation slipped to 3.07% in April vs 3.18% in March and 3.62% in April 2018 on cheaper fuel and manufactured items, even as prices of food articles remained high.
Vegetables inflation was at 40.65% in April, up from 28.13% in the previous month. Inflation in food articles basket was 7.37%, up from 5.68% in the previous month. Inflation in ‘fuel and power’ category cooled to 3.84%, from 5.41% in March. Manufactured items too saw easing of prices with inflation at 1.72% in April, against 2.16% in March.
Chart: India Wholesale Price Index change here