Threat of Inflation Subsides

06 January 2012 - Which Way to Pay

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Threat of Inflation Subsides

India’s 10 year bonds achieved extensive gains since May 2010 on newly found confidence that decreased food prices will put an ease on inflation. India’s food prices saw a late fall in December last year with the wholesale price index for food articles falling to 3.36% from the year before. This drop, the first in five and a half years, suggests that inflation could ease.  According to Jyotinder Kaur, an economist at HDFC Bank, "This gives us some near-term comfort from high food inflation and also points to easing general inflation."

The data has caused interest rates to peak. The Reserve Bank of India has said that weakening economic growth is still the focus of attention as the threat of inflation subsides. There has yet to be any comment as to whether the Reserve Bank will bring rates down but Subir Gokarn, who deals with monetary policy, has said “That will depend on how the inflation momentum is playing out.” Interest rates have been raised 13 times since March 2010. The strong data released today and the better than expected PMI figures released on Monday definitely show that India is course for change. However, India’s economy faces difficulties ahead considering not only the domestic indicators but also the global economic condition.



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