High food prices keep India’s retail inflation above 6% in August

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The consumer price index(CPI)- based inflation came in at 6.7 per cent for August, from 6.73% in July, courtesy food inflation refusing to soften below 9 per cent.


India’s economy now struggles to cope with low growth and high inflation five months into the Covid-19 pandemic.


The has now remained above the upper band set by the Reserve Bank of India of 6 per cent for nine consecutive months, though not successively for three financial quarters yet. Core inflation, too, has been inching up in the pandemic era, approaching 6 per cent now, from 4 per cent earlier this year.


Experts said consumers would continue facing higher prices than the previous year due to supply and production bottlenecks as economic activity struggles to come back to normal. Nomura’s India Business Resumption index had hovered between 70 and 75 per cent in August, and stands at 82 per cent in mid-September. This hardening of consumer inflation above 6 per cent makes a further rate cut difficult in RBI’s monetary policy committee meeting in the first week of October, suggesting that the rate-cut cycle to propel growth may be paused. Aditi Nayar,

SAIL reports over Rs 1,226 cr net loss in Q1 due to reduced income

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Domestic steel major on Monday posted a consolidated net loss of Rs 1,226.47 crore for the first quarter ended June 30, mainly on account of reduced income.


The company had posted Rs 102.68 crore net profit in the year-ago quarter, Steel Authority of India Ltd (SAIL) said in a BSE filing.



During the quarter under review, the company said its net profit declined to Rs 9,346.21 crore from Rs 14,998.20 crore in the April-June period of the preceding fiscal.


Its total income stood at Rs 11,325.10 crore as against Rs 14,893.07 crore a year ago.


The company said the pandemic outbreak and measures to contain it have caused significant disturbance and slowdown of economic activities.


Consequently, the company’s manufacturing operations had to be scaled down during the said quarter.


“Though the operations resumed in the later part of the quarter with limited availability of workforce and disrupted supply chain, the restrictions imposed adversely impacted the sales volume and realisation,” said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the

WHO Delivers Europe Death Warning As Infections Hit New High

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Europe will face a rising death toll from the coronavirus during autumn, the World Health Organization warned on Monday as the number of daily infections around the world hit a record high.

Israel is among the countries battling a new spike, announcing a three-week lockdown from Friday when people will not be allowed more than 500 metres from their homes.

The announcement sparked anger.

“It’s unfair!” said Eti Avishai, a 64-year-old seamstress.





New cases of Covid-19 in European countries in the last 7 days
 AFP / Robin BJALON

“They didn’t stop the big gatherings in synagogues, the weddings and the other events, and now I can’t be with my children and grandchildren during the holidays?”

The World Health Organization reported 307,930 new cases worldwide on Sunday, the highest daily figure since the beginning of the pandemic in China late last year, as global cases rapidly topped 29 million.



Bordeaux is facing new curbs to limit publi gatherings as infections soar in France


Bordeaux is facing new curbs to limit publi gatherings as infections soar in France
 AFP / Philippe LOPEZ

“It’s going to get tougher. In October, November, we are going to see more mortality,” WHO Europe director Hans Kluge told AFP in an interview.

WHO Europe’s 55 members started a two-day online meeting

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