Inflation

The Fed Chairman, Jerome Powell was quoted as saying by reports that the bank is firmly committed to lowering inflation. The aggressive rate hike by the Federal Reserve will put further pressure on the stock markets globally, especially on rising economies like India. Every rate hike by the US Federal Reserve forces American investors to pull out funds from emerging markets.

Ishaq Dar, Finance Minister of the country, who replaced Miftah Ismail a month ago has had little impact on the situation. Local newspaper Dawn in its report said that forex reserves held by the country's central bank were close to nil. Of the total amount, $2.3 billion has been credited by China, $3 billion was deposited by Saudi Arabia and $1.2 billion came from the International Monetary Fund (IMF).

Driven mainly by increasing energy prices, October's year-on-year inflation rate is expected to climb to 10.7 per cent in the eurozone, from 9.9 per cent in September, Xinhua news agency reported citing the estimate released on Monday as saying.

The figure was 3 percentage points above the then-record 8.9-per cent of annual inflation in September, and it was the highest since 1983 in Italy, Xinhua news agency reported. It was also the first time that the country's inflation experienced double digits since Italy's adoption of the euro currency in 1999.

This is the lowest level in eight months, and 3.5 per cent below the 28-year high of 10.8 per cent registered in July, Xinhua news agency quoted the INE as saying on Friday. Since then, the inflation rate has fallen for three consecutive months, with a drop of 0.3 percentage points in August, 1.6 percentage points in September and another 1.6 percentage points in October.

The RBI's Monetary Policy Committee (MPC) will meet on November 3 to discuss what it would tell the Centre as to why it was not able to restrain the inflation. The RBI may also sound out the Central government as to the course of inflation as well as the reasons as to why it may be at the elevated levels.

Energy prices in Europe's largest economy soared 43 per cent year-on-year and continued to have a "substantial impact on the inflation rate", Destatis said on Friday. Food prices also outgrew overall inflation levels and were up 20.3 per cent, Xinhua news agency reported citing the Office as saying.

The Australian Bureau of Statistics on Wednesday reported the consumer price index (CPI) rose by 1.8 per cent in the three months to September 30 and by 7.3 per cent over the last 12 months, reports Xinhua news agency. It marks the highest annual figure since 1990.

According to official sources, wheat procurement in the current season of 2022-23 fell by 56.64 per cent compared to 2021-22 season. In 2022-23 Rabi season, wheat procurement was only 187.92 lakh metric tonnes (LMT) down by 56.64 per cent from 433.44 LMT procured in 2021-22.

According to Ministry of Food and Consumer Affairs data, the couuntry exported 24.08 lakh metric tonnes (LMT) of wheat between May 15 and September 30. This was 10.3 per cent more than 21.83 LMT of wheat which was exported between April 1, 2021 and May 14, 2021.