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Monday, May 26, 2008

Inflation a global phenomenon due to rising oil prices: FM Monday
Union Finance Minister P Chidamabaram today said that inflation was a global phenomenon, resulting from rising crude oil prices.

Speaking to reporters after inaugurating the 500th branch of IDBI bank here, he said India was a major importer of crude oil and 75 per cent of the nation's demand of crude oil was met from imports.

Crude oil prices have touched 135 U S dollars a barrel. On measures taken to control rising inflation, he said that the RBI had taken measures to control it.

The government had also taken steps to control the spiralling prices of essential commodities through certain fiscal and monetary policies, the result of which would be felt after a while, he said.
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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Jun 19
24h Juneteenth 0
16:30 BoE MPC Vote Rate Cut 3 3 2 7
16:30 BoE Monetary Policy Summary 3
16:30 BoE Interest Rate Decision 3 4.25% 4.25% 4.25%
18:00 Employment Insurance Beneficiaries Change (MoM) 1 3.4% 0.3%
Friday, Jun 20
04:31 GfK Consumer Confidence 2 -20 -20
11:30 Retail Sales ex-Fuel (MoM) 2 -0.5% 1.3%
11:30 Retail Sales ex-Fuel (YoY) 2 1.8% 5.3%
11:30 Retail Sales (MoM) 3 -0.5% 1.2%
11:30 Retail Sales (YoY) 2 1.7% 5.0%
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