Cost of Living Highlights December 1: The cost of living is basically the amount of money one needs to survive in a given place – and one's most essential needs such as food, water, housing, taxes, cost of commute, healthcare, etc. The high rate of inflation has pushed up the cost of living across the globe, burning a hole in the common man's pocket. Since the Russia-Ukraine war broke out, the cost of raw materials and commodities has gone up. This has increased India's payments outgo for oil, gold, and other commodities.
Fuelled by rising food inflation, the retail inflation for agricultural labourers and rural workers increased marginally to 7.08 per cent and 6.92 percent in October, respectively, from 6.70 percent and 6.55 percent respectively in September 2023, said the labour ministry in a statement on Monday.
Food inflation stood at 8.42 percent and 8.18 percent for the Consumer Price Index for Agricultural Labourer (CPI-AL) and Consumer Price Index for Rural Labourer (CPI-RL) in October 2023 compared to 8.06 percent and 7.73 percent respectively in September 2023. The values of CPI-AL and CPI-RL came in at 7.05 percent and 7.00 percent respectively during the corresponding month of the previous year.
Bumper job opportunities for IIT Bombay, Roorkee, Guwahati students on day 1 placement
With the beginning of placement season in India's premier engineering institutes, a lot of companies participated in campus drive. On the first day of the annual ritual of engineers graduating from different IIT campuses, its Bombay, Roorkee and Guwahati campuses witnessed a modern hiring pattern. IIT-Bombay witnessed 40 companies interviewing on the first day of placements, with about 80% of regular recruiters participating. While more than 250 pre-placement offers were accepted. (Click to read full story)
Retail inflation for industrial workers eases to 4.45% in October
Retail inflation for industrial workers redduced to 4.45 per cent in October from 4.72 per cent in September due to lower prices of certain food items.
Retail inflation was based on All-India Consumer Price Index for Industrial stood at 6.08 per cent in October 2022, according to labour ministry.
Food inflation came at 6.27% in October 2023 against 6.52 per cent in the previous month and 6.52 per cent during the corresponding month (October 2022) a year ago.
The All-India CPI-IW for October 2023 increased by 0.9 points and stood at 138.4 points. The CPI-IW was 137.5 points in September 2023.
Products that led to rise in index
Wheat, Wheat Atta, Arhar Dal/Tur Dal, Cow milk, Egg Hen, Papaya, Pomegranate/Anar, Arum/Arbi, Brinjal, Capsicum, Carrot, Cauliflower, French beans, Garlic, Lady’s Finger, Onion, Peas, Radish, Sugar White, Cumin seed/Jira, Mixed Spices, Cooked Meals, Vada/Idli/Dosa, Bidi, School uniform (Girls/Boys), Leather Sandle, Rubber Chappal, Bus fare, Toilet Soap, Medicine allopathic, etc.
Products that helped in reducing pressure on the index
Rice, Fish Fresh, Poultry/Chicken, Mustard oil, Soyabean oil, Apple, Chillies Green, Ginger, Tomato, Cooking Gas (LPG), etc.
GST collections record highest monthly growth of FY24 in November
GST collection reached another high mark for FY24 in the month of November, as the government reported a 15 per cent YoY increase in GST collections, totalling ₹1.68 lakh crore, as of November, announced Ministry of Finance on Friday.
Rise in GST collections of ₹1.68 lakh represent a 2 per cent decrease from the October figure of ₹1.72 lakh crore. But, the addition makes November month's GST collections as the ninth-consecutive month that surpassed the ₹1.5 lakh crore threshold. (Read full story here)
How eating chocolate can burn a hole in your pocket because of climate change
A massive shift in annual seasons, rainfall, summer heat due to climate change is impacting coastal regions across the world. Sadly, climate change can also make your favourite chocolate more expensive over the years.
Known for its cocoa production for chocolate, Ivory Coast and Ghana are witnessing harsher weather patterns because of climate change.
It’s a climate crisis playing out across Ivory Coast and Ghana, the heavyweights of cocoa, with consequences for global food inflation and the cost-of-living squeeze. Too much rain is lowering output and delaying harvests, with the resulting shortfall catapulting wholesale prices in New York to their highest in 46 years, reported Bloomberg.
Real estate boom: Housing prices rise by 10% YoY in July-September quarter
Signifying a robust growth in the real estate sector, housing prices have increased by an average of 10 per cent in the July-September quarter this year across top eight cities in India, according to a joint report by CREDAI, Colliers and Liases Foras.
All eight major cities experienced a significant increase in housing prices, with Hyderabad leading the pactk at 19 per cent Year-on-Year (YoY) rise, closely followed by Bengaluru at 18 per cent on an annual basis, according to a statement on Friday.
"Homebuyer sentiments have been quite positive in 2023, playing a huge factor in not just the volume of housing registrations, but also indirectly having a cascading impact on increasing housing prices," Realtors apex body CREDAI President Boman Irani said.
Housing prices in Gujarat's Ahmedabad rose 9 per cent to ₹6,613 per square feet (carpet area), while rates appreciated 18 per cent in Bengaluru to ₹9,471 per square feet.
Chennai saw a 7 per cent increase in prices to ₹7,712 per square feet, while Delhi-NCR witnessed a 12 per cent rise in prices to ₹8,655 per square feet.
In Hyderabad, prices went up 19 per cent to ₹11,040 per square feet.
Want to buy a mini refrigerator? Here are top choices under ₹5000
For bachelors and people living alone on rent in metro cities, it is important to be mindful of buying right home appliances that are budget friendly as well as help in space optimisation.
For those looking looking to buy a budget-friendly mini-refrigerator for their single-room apartment, here are top options from brands like Vybe and IVELECT. These space-saving fridges are not just a trend but a necessity for many, from students in dorm rooms to professionals in small apartments. (Click here to read the full range of mini-refrigerators to be bought under ₹5000)
Medical inflation turning into a nightmare for Indians
India might be a favourable destination for medical tourism, but costly healthcare facilities have become unaffordable for its own people living in the country. The escalating healthcare expenses are prompting a call for employers to enhance their assistance towards employees' health and overall welfare. Amid rising medial inflation, nearly 90% of employees in India do not visit hospital for their regular check-ups, reveals MintGenie in its data. ( Read full story to know about the impact of medical inflation on Indian employees)
Gold prices set for a third straight weekly gain on expectations of Fed rate cut
Gold prices continued for a third straight weekly gain after data showing easing inflation raised expectations of US Fed's dovish stance on interest rates. All focus will be on Chair Jerome Powell's speech later on Friday in focus.
Spot gold rose 0.6% to $2,048.36 per ounce by 0932 GMT, up about 2.3% for the week so far. The metal rose $60 in November in its second straight monthly gain.
U.S. gold futures for February delivery rose 0.6% to $2,068.50.
Apple releases iOS update 17.1.2, users face THESE challenges: All details
Apple has rolled out iOS 17.1.2 and iPadOS 17.1.2, minor updates to the iOS 17 and iPadOS 17 platforms unveiled in September. These releases follow the recent introduction of iOS 17.1.1, which was also a bug fix update.
To obtain iOS 17.1.2 and iPadOS 17.1.2 on compatible iPhones and iPads, users can access the update through the Settings app by navigating to General > Software Update. As indicated in Apple's release notes, iOS 17.1.2 primarily focuses on crucial security enhancements, specifically addressing vulnerabilities that could have potentially been exploited in prior iOS versions.
However, there have been reported issues with the recent update. As indicated in a GottaBeMobile report, the iOS 17.1.2 update is presenting challenges for certain iPhone users. Among these issues, some are newly surfaced, while others have persisted from prior iOS 17 versions. Check full here
Bank of India Raises Fixed Deposit Rates for Specific Tenures
Bank of India has implemented an increase in its fixed deposit interest rates, effective from 1st December 2023, for deposits ranging from Rs. 2 crore to less than ₹10 crore within the maturity period of "46 days up to 1 Year."
The bank's adjustments encompass a spectrum of shorter-term periods, elevating interest rates substantially. The new rates for specific tenures are as follows:
- For the tenure spanning "46 days to 90 days," the rate has risen to 5.25%.
- The "91 days to 179 days" tenure now offers an increased rate of 6.00%.
- A substantial leap to 6.25% is observed for deposits within the "180 days to 210 days" tenure.
- Deposits maturing within the "211 days to less than 1 Year" now accrue a rate of 6.50%.
- Notably, the "1 Year" tenure sees a remarkable increase, now offering an interest rate of 7.25% per annum.
These revised interest rates are applicable across various deposit categories, including domestic, NRO (Non-Resident Ordinary), and NRE (Non-Resident External) Rupee Term deposits.
India home prices to outstrip inflation, driven by high end of market
Home prices in India will rise faster than consumer inflation next year, according to a Reuters poll of property analysts who mostly said growth would be driven by higher earners snapping up newly-built luxury residences in cities.
Backed by broad optimism about the fastest-growing major economy, India's housing market barely suffered a scratch from the Reserve Bank of India's 2.5 percentage points of interest rate rises from May 2022 through February this year.
Average home prices were forecast to rise 6.8% this year and next, poll medians from a Nov. 16-30 survey of 12 property market experts showed, more than double the just over 3% increase in 2022 according to Reuters calculations based on the RBI's House Price Index.
While those expectations are mostly the same as three months ago, they are higher than the 5.5% and 5.0% predicted at the start of this year. Read here
LPG price hike: Govt increases commercial cylinder rates. Check details here
Oil Marketing Companies (OMCs) increased the prices of commercial LPG cylinders by ₹21 per cylinder in various locations throughout the country. The hike will come into effect from today i.e. 1 December.
However, price of domestic LPG - used in household kitchens for cooking purposes remained unchanged at ₹903 per 14.2-kg cylinder.
Following the hike, a 19 kg LPG cylinder is now priced at ₹1796.50 in Delhi, ₹1908 in Kolkata, ₹1749 in Mumbai and ₹1968.50 in Chennai. Read full here
Government cuts windfall tax on crude petroleum to ₹5,000/tonne, jet fuel price also down
The government announced a decrease in the windfall tax on crude petroleum and jet fuel by ₹1,300 per tonne, effective from December 1, as per a Moneycontrol report.
The tax on crude petroleum has been reduced from ₹6,300/tonne to ₹5,000/tonne, while the levy on jet fuel has been adjusted to ₹1.06 lakh per kilo litre (kL) from the previous ₹1.11 lakh/kL, it added. Read more here
Fuel price in metro cities on December 01, 2023 | Friday
Fuel rates are revised at 06:00 A.M every day. Since June 2017, fuel prices in India have been revised daily, and this is called the dynamic fuel price method.
PETROL (Rs/L) - 101.94
DIESEL (Rs/L) - 87.94
PETROL (Rs/L) - 96.2
DIESEL (Rs/L) - 84.26
PETROL (Rs/L) - 102.63
DIESEL (Rs/L) - ₹94.33
PETROL (Rs/L) - 106.03
DIESEL (Rs/L) - ₹92.76
PETROL (Rs/L) - 106.31
DIESEL (Rs/L) - ₹94.27
PETROL (Rs/L) - 96.72
DIESEL (Rs/L) - ₹89.62
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