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Addressing the latest October 2024 inflation number, Goyal said, “When the RBI Monetary Policy Committee came out with their recommendations last time, they also predicted inflation to spike this month. It’s not rocket science.”
Union Minister Piyush Goyal was speaking at the CNBC-TV18 Global Leadership Summit on Thursday.
Commerce and Industry Minister Piyush Goyal said on Thursday that the average inflation in India in the last 10 years of the Modi government has been the lowest since Independence. He also said that the Reserve Bank of India (RBI) should definitely cut interest rates.
Addressing the latest October 2024 retail inflation number, Goyal said, “When the RBI Monetary Policy Committee came out with their recommendations last time, they also predicted inflation to spike this month. It’s not rocket science.”
In October, India’s CPI inflation jumped to a 14-month high of 6.1 per cent. It is the first time since August that inflation has exceeded the Reserve Bank of India’s 6 per cent limit. Food inflation was at 10.87 per cent.
When asked about the upcoming RBI MPC meeting in December 2023, Goyal said, “RBI should definitely cut interest rates.”
Goyal was speaking at the CNBC-TV18 Global Leadership Summit on Thursday.
“It’s (October 2024 inflation) not a surprise,” he said adding that the inflation number is going to fall again in December or January.
“We are all smart enough to understand what’s happening; what the base effect is, what the factors are, what the festival demand was,” the minister said.
Similarly, in terms of softening demand, Goyal said the industry should also look at consumer choices and demand for more attractive prices.