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Business News/ Economy / Cost of Living Highlights Feb 07: Petrol and diesel prices steady. Check here
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Cost of Living Highlights Feb 07: Petrol and diesel prices steady. Check here

Cost of Living Highlights Feb 07: The high rate of inflation has pushed up the cost of living across the globe, burning a hole in the common man's pocket. In some relief, India's retail inflation witnessed a notable decline in September, dropping to a three-month low.

File image of an Indian oil petrol pump (Pradeep Gaur / Mint)Premium
File image of an Indian oil petrol pump (Pradeep Gaur / Mint)

Cost of Living Highlights February 07: The cost of living is 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.

07 Feb 2024, 06:31:23 PM IST

Concerns over jobs, tech disruption prevalent in India: report

Primus Partners on Wednesday released a survey report titled ‘India’s turn to lead by 2047’ that focused on the country's potential trajectory in the coming decades.

The report said that the concerns over employment and technological disruption are prevalent among Indians.

According to the survey report, 50% of the respondents seeking jobs view artificial intelligence (AI) as a threat.

“19% of the urban respondents express a shared desire of continuous upskilling initiatives for a thriving manufacturing sector," said the report.

“A recurring theme among rural respondents is the need for creation of more opportunities in Tier 2 and 3 cities, and rural India, which is pivotal to retaining talent, curing rural-urban migration, and ultimately boosting rural economies," it added.

Indians envision India as a powerhouse in global trade, technology, and economy by 2047, said the report.

07 Feb 2024, 05:27:31 PM IST

Govt lists fair price shops on Open Network Digital Commerce

In a first, the Centre has onboarded 11 fair price shops on the state-run e-commerce portal Open Network Digital Commerce (ONDC), to extend consumer access to food items offered at government-supported shops and to foster a more inclusive e-commerce ecosystem.

Currently in the pilot stage, these fair-price shops are open to all except beneficiaries of different food security schemes. These shops also distribute subsidized food grains to individuals below and above the poverty line. Read more here

07 Feb 2024, 04:26:05 PM IST

HDFC Bank raises MCLR by up to 10bps

HDFC Bank has revised its marginal cost of funds-based lending rates, also known as MCLR. The new rates will come into effect from February 7, 2024 onwards. The MCLR now varies between 8.9 percent to 9.35 percent across tenures. Read more here

07 Feb 2024, 03:41:15 PM IST

iPhone 13 receives 12% discount on Amazon: Check out offer details

iPhone 13, Apple's budget-friendly flagship, is currently stealing the spotlight with an irresistible deal on Amazon. Priced at Rs. 52999, down from the usual Rs. 59900, the 128GB variant is now 12 percent cheaper, making it an opportune time for enthusiasts to join the Apple ecosystem. Read more here

07 Feb 2024, 02:23:39 PM IST

Silver prices in your city are as follows:

Chennai has a silver price of 75,000.0/1kg.

Delhi has a silver price of 73,500.0/1kg.

Mumbai has a silver price of 73,500.0/1kg.

Kolkata has a silver price of 73,500.0/1kg.

07 Feb 2024, 02:15:31 PM IST

Check Gold prices in your city are as follows:

Chennai has a gold price of 63,541.0/10g

Delhi has a gold price of 64,541.0/10g

Mumbai has a gold price of 64,041.0/10g

Kolkata has a gold price of 64,166.0/10g

07 Feb 2024, 02:06:23 PM IST

Silver rate today on February 7, 2024

The cost of silver is 73,500 per kg, down by 1,700 per kg.

The silver March 2024 MCX futures were trading at 70,429 per kg, down by 0.234 percent at the time of publishing.

07 Feb 2024, 01:58:45 PM IST

Gold rate today on February 7, 2024

Gold prices saw a slight increase on Wednesday. The cost of 24-carat gold is Rs. 6454.1 per gm, up by Rs. 1171.0. The cost of 22-carat gold is Rs. 5912.0 per gm, up by Rs. 1020.0.

MCX gold prices were trading lower by 75, or 0.12%, at 62,499 per 10 grams. MCX silver prices were down by 174, or 0.25%, at 70,420 per kg.

The gold April 2024 MCX futures were trading at Rs. 62497.0 per 10 gm, down by 0.123% at the time of publishing.

Spot gold was at $2,034.56 per ounce, while US gold futures were also flat at $2,050.80 per ounce.

07 Feb 2024, 01:37:00 PM IST

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07 Feb 2024, 01:22:42 PM IST

Yellow metal trades lower; support is seen at ₹61,850 level

Gold prices on MCX traded marginally lower on Wednesday tracking a subdued trend in the international market amid a lack of fresh triggers.

Investors will watch for the comments from US Federal Reserve officials for further cues on the interest rate cut timeline. At least five more Fed officials are due to speak this week.

“Gold prices are likely to remain sideways in the absence of any fresh triggers. So far the Fed officials have indicated no aggressive rate cuts. Meanwhile, the gold-silver ratio has risen, indicating that silver may underperform gold" said Ajay Kedia, Director of Kedia Advisory.

International gold prices traded in a tight range ahead of speeches by US Fed officials through the week that could give further cues on when the US central bank may start easing its monetary policy, Reuters reported.

07 Feb 2024, 12:54:28 PM IST

Food: 8.79 lakh tonnes of tur dal imported, says FM

Finance Minister Nirmala Sitharaman said the government has imported 8.79 lakh tonnes of tur dal and 15.14 lakh tonnes of masur dal during calendar year 2023.

"We don't grow enough of pulses in the country. So (high) pulse prices are due to a shortfall in supply. For which, in anticipation, depending on the crop estimates, we have started tying up for imports," she added.

Similarly, Sitharaman said that branded Bharat chana dal is being made available at 60 for one kg pack, and at 55 a kg for 30 kg packs, with about 2.96 lakh tonnes of chana dal being sold by 31 January 2024 at that price. As things stand, the NCCF, a unit of the Ministry of Consumer Affairs, Food and Public Distribution, has begun the sale of chana dal at 60/kg under the Bharat brand.

The dal is being sold at a subsidized price to help control market prices.

"Such steps are being taken for tomatoes and other food products as well," Sitharaman said. Efforts have shown results on the ground with the inflation level at a tolerable point now, she added.

07 Feb 2024, 12:37:56 PM IST

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07 Feb 2024, 12:12:41 PM IST

Govt taken a slew of measures to tame food inflation: Sitharaman

The government has taken a slew of measures to tame food inflation in recent months including importing pulses and releasing onion stocks at a lower price, Finance Minister Nirmala Sitharaman said on Tuesday.

Speaking on the floor of the Rajya Sabha, Sitharaman said the government has readied stocks to release onions at a subsidized rate of 25 a kilogram to curb the escalating onion prices, through the National Cooperative Consumers' Federation of India Ltd (NCCF), NAFED, Kendriya Bhandar, and other state-controlled cooperatives. "Prices have started coming down and it is well within the tolerance band," Sitharaman said. "As of 3 February 2024, we have released 3.96 lakh tonnes of onions in the market at that price," she added.

07 Feb 2024, 11:58:13 AM IST

Fuel price in metro cities on February 07, 2024 | Patna and Jaipur

Fuel price in metro cities on February 07, 2024 | Patna

PETROL (Rs/L) - 107.24

DIESEL (Rs/L) - 94.04

Fuel price in metro cities on February 07, 2024 | Jaipur

PETROL (Rs/L) - 96.20

DIESEL (Rs/L) - 93.72

07 Feb 2024, 11:45:54 AM IST

Fuel price in metro cities on February 07, 2024 | Kolkata and Ghaziabad

Fuel price in metro cities on February 07, 2024 | Kolkata

PETROL (Rs/L) - 106.03

DIESEL (Rs/L) - 92.76

Fuel price in metro cities on February 07, 2024 | Ghaziabad

PETROL (Rs/L) - 96.58

DIESEL (Rs/L) - 89.75

07 Feb 2024, 11:33:15 AM IST

Fuel price in metro cities on February 07, 2024 | Chandigarh and Chennai

Fuel price in metro cities on February 07, 2024 | Chandigarh

PETROL (Rs/L) - 96.2

DIESEL (Rs/L) - 84.26

Fuel price in metro cities on February 07, 2024 | Chennai

PETROL (Rs/L) - 102.63

DIESEL (Rs/L) - 94.33

07 Feb 2024, 11:11:13 AM IST

Fuel price in metro cities on February 07, 2024 | Lucknow and Hyderabad

Fuel price in metro cities on February 07, 2024 | Lucknow

PETROL (Rs/L) - 96.57

DIESEL (Rs/L) - 89.76

Fuel price in metro cities on February 07, 2024 | Hyderabad

PETROL (Rs/L) - 109.66

DIESEL (Rs/L) - 97.82

07 Feb 2024, 10:57:03 AM IST

Fuel price in metro cities on February 07, 2024 | Gurugram and Noida

Fuel price in metro cities on February 07, 2024 | Gurugram

PETROL (Rs/L) - 96.84

DIESEL (Rs/L) - 89.72

Fuel price in metro cities on February 07, 2024 | Noida (Gautam Buddha Nagar)

PETROL (Rs/L) - 96.59

DIESEL (Rs/L) - 89.96

07 Feb 2024, 10:48:44 AM IST

Fuel price in metro cities on February 7, 2024 | Mumbai, Bengaluru and New Delhi

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.

Fuel price in metro cities on February 7, 2024 | Mumbai City

PETROL (Rs/L) - 106.31

DIESEL (Rs/L) - 94.27

Fuel price in metro cities on January 16, 2024 | Bengaluru

PETROL (Rs/L) - 101.94

DIESEL (Rs/L) - 87.94

Fuel price in metro cities on January 16, 2024 | New Delhi

PETROL (Rs/L) - 96.72

DIESEL (Rs/L) - 89.62

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