inflation
By BOOM FACT Check Team Claim: A viral video shows actor Ranveer Singh criticising Prime Minister Narendra Modi over rising unemployment and soaring inflation. Fact: BOOM found that the video is a deepfake. It is digitally altered with a synthetic voice clone and in the original video, which was an interview given to Asian News International (ANI), the actor praised the prime minister and said the latter was celebrating India's cultural heritage. Tools used: BOOM analysed the video using Itisaar, a deepfake detection tool developed by the Indian Institute of Technology (IIT) Jodhpur. The tool ...
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By Mohammed Kudrati The Reserve Bank of India [RBI] today kept its benchmark policy repo rate unchanged at 6.5% for the second time, after it first announced a pause on its rates in its April statement. The pause in April came after six bi-monthly rate hikes since May 2022. There was unanimous voting for the move at the bi-monthly meeting by the six-member Monetary Policy Committee on the back of easing retail inflation, which hit an 18-month low. The consumer price inflation (CPI) has eased to 4.7% in April. However, Governor Shaktikanta Das said that headline inflation remains above the tole...
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By The Conversation Steve Schifferes , City, University of London Where is the global economy heading in 2023? After all the challenges of last year, it's a question we ask with trepidation. Just as the economy was dealing with the ongoing effects of the COVID-19 pandemic, Russia's invasion of Ukraine in February ramped up inflation. Significant rises in the cost of vital items such as food and energy created a cost of living crisis that has engulfed households and businesses. Central banks reacted with a raft of interest-rate hikes, while a wave of industrial action saw workers in many countr...
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By Mohammed Kudrati The Governor of the Reserve Bank of India (RBI) - Shaktikanta Das on Wednesday announced that the central bank was hiking the policy repo rate by 35 basis points, or 0.35 percentage point, to 6.25% in a sign of slowing interest rate hikes. But the RBI has not put an end date to rate hikes, stating that it was not ruling out further monetary policy intervention to get inflation under control and to sustain growth. Officially, during the pandemic, the RBI had adopted an 'accommodative' stance. The governor said that the RBI was moving towards withdrawal of accommodation to ke...
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By The Conversation The Federal Reserve on June 15, 2022, lifted interest rates by 0.75 percentage point, the third hike this year and the largest since 1994. The move is aimed at countering the fastest pace of inflation in over 40 years. Wall Street had been expecting a half-point increase, but the latest consumer prices report released on June 10 prompted the Fed to take a more drastic measure. The big risk, however, is that higher rates will push the economy into a recession, a fear aptly expressed by the recent plunge in the S&P 500 stock index, which is down over 20% from its peak in Janu...
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By Mohammed Kudrati A fake and viral message, circulating on WhatsApp and on social media, falsely states that the government is doling out ₹30,628 to combat inflation. The preview link in the message reflects that of the official website of the Ministry of Finance (finmin.nic.in), but the website it redirects to is dubious and unrelated to the government. Consumer prices are rising across the world, and India is no different, after prices in April rose 7.79%, the highest in eight years. Also Read: Finance Ministry's Comments On Inflation Contradicts PIB Fact Check The message can be seen belo...
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