Inflation

The sectors that posted double-digit growth in prices when compared to January 2021 included perishable and non-perishable food items, energy, transportation, clothing, restaurants and health, reported Dawn news. While household and energy rates increased by 15.5%, the transport sector led the inflationary trend with an increase of over 23%, followed by 13% and 14% for perishable and non-perishable food items, restaurants and hotels 13% and clothing 12%.

As per the Survey, which was tabled in Parliament on Monday by Union Finance Minister Nirmala Sitharaman, the average headline Consumer Price Index-Combined (CPI-C) inflation in India moderated to 5.2 per cent in 2021-22 (April-December) from 6.6 per cent in the corresponding period of 2020-21 and was recorded at 5.6 per cent in December 2021.

Economic survey 2021-22 was tabled in Parliament on Monday by Finance Minister Nirmala Sitharaman. It provides detailed information about the current economic status of the country. It further recommends policies, blueprints and strategies on resource allocations to bring about social and economic reforms. It is prepared under the aegis of the Chief Economic Advisor and is approved by the Union Finance Minister. Here are the key highlights.

"This has shown up in the extraordinary valuations that we've had in things like the tech sector - and yes, some of that is due to corporate profitsa", Matt King, global markets strategist at Citi Research, told reporters. Pointing to a decade of research, King said all of his "favourite" fundamental relationships have broken down.

Section 16(1A) of the IT Act provides for a standard deduction of Rs 50,000 from the salary income of a taxpayer. This deduction was enhanced from Rs 40,000 to 50,000 by the Finance Act 2019 and has not been increased since then.

The personal consumption expenditure (PCE) price index, the Fed's preferred inflation measure, jumped 5.8 per cent in December from a year ago, the fastest annual pace since mid-1982, the Commerce Department announced on Friday. The so-called core PCE price index that strips out volatile food and energy prices, rose 4.9 per cent from a year ago, the fastest annual pace since September 1983.