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Business News/ Economy / Cost Of Living Highlights February 8: Check, fuel prices and expenses in major cities
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Cost Of Living Highlights February 8: Check, fuel prices and expenses in major cities

Cost Of Living Highlights February 8: India's key rate was left unchanged for a sixth straight meeting on Thursday, in line with expectations, as inflation remained above the central bank's 4% medium-term target while economic growth continued to be resilient. 

Cost Of Living Highlights February 8 (Mint)Premium
Cost Of Living Highlights February 8 (Mint)

Cost Of Living Highlights February 8: The cost of living refers to the financial resources required for survival in a particular location, encompassing essential needs like food, shelter, utilities, transportation, taxes, and healthcare. Elevated inflation rates globally have escalated the cost of living, burdening ordinary individuals financially. The outbreak of the Russia-Ukraine war has further amplified the prices of raw materials and commodities, leading to increased expenditure for India on items like oil, gold, and other essential commodities. Cost of Living (COL) represents the essential funds necessary for an individual to sustain themselves in a specific area, factoring in various expenses such as housing, food, education, healthcare, transportation, and taxes. The six-member monetary policy committee (MPC), consisting of three Reserve Bank of India (RBI) and three external members, left the key repo rate unchanged at 6.50%. The committee said it would remain focused on 'withdrawal of accommodation', suggesting the central bank intends to keep monetary policy restrictive. The Indian economy is expected to expand 7.3% in the year ending March 31, 2024 and the central bank projected growth of 7% in 2024-25, in line with the federal government's forecast.

08 Feb 2024, 06:10:57 PM IST

ICICI Prudential Life Insurance launches ‘ICICI Pru Gold Pension Savings’ plan

ICICI Prudential Life Insurance has recently introduced a new pension product called ICICI Pru Gold Pension Savings. With the aim of helping individuals build a substantial retirement corpus, this tax efficient product allows customers to make systematic contributions.  It is the first product in India to offer guaranteed capital safety, complimentary health check-ups, and the ability to make partial withdrawals, according to the press release. Read more here

08 Feb 2024, 04:51:26 PM IST

EPFO may reinvest half of ETF redemption proceeds in equity

The Employees’ Provident Fund Organisation (EPFO) is contemplating reinvesting 50 per cent of its exchange traded funds (ETFs) redemption proceeds back into equity, reported Business Standard. The PF body plans to do this to enhance its equity exposure and earn higher returns for its nearly 65 million subscribers

08 Feb 2024, 03:15:08 PM IST

Gold prices fall on low demand

Gold prices on Thursday declined by 84 to 62,440 per 10 grams in futures trade as speculators reduced their positions.

On the Multi Commodity Exchange, gold contracts for April delivery traded lower 84 or 0.13 per cent at 62,440 per 10 grams in a business turnover of 14,217 lots.

Analysts attributed the fall in gold prices to weak global cues.

Globally, gold was trading 0.19 per cent lower at $2,047.90 per ounce in New York. --PTI

08 Feb 2024, 02:13:58 PM IST

Indian Strategic Petroleum Reserve signs deal with Hindustan Petroleum to lease space

Indian Strategic Petroleum Reserve Ltd (ISPRL) has signed a deal with Hindustan Petroleum Corp to lease 300,000 metric tons of storage space for three years in a Strategic Petroleum Reserve (SPR) in Vizag in southern India.

ISPRL operates three SPRs in southern India with combined capacity of about 5 mln tonnes.

"In line with partial commercialisation policy of the government, we have leased out space to HPCL," Lakhpat Rai Jain, chief executive of Indian Strategic Petroleum Reserves said.

He said the contract with HPCL is for two years with a provision to extend it by one year.

08 Feb 2024, 02:13:32 PM IST

Ethanol blending benefits passed on to sugarcane farmers: Govt

The government has saved 24,000 crore due to blending of ethanol with petrol and majority of the benefit has been passed on to sugarcane farmers, Union Minister Gajendra Singh Shekhawat said in the Lok Sabha on Thursday.

He said at present the blending of ethanol stands at 12 per cent and the government plans to take it to 20 per cent as desired by Prime Minister Narendra Modi.

Admitting that India's oil import has increased in the last few years, Shekhawat, who was replying to questions on behalf of Petroleum Minister Hardeep Singh Puri, said the country has benefited by ethanol blending.

08 Feb 2024, 02:13:08 PM IST

India going to be the global story on energy, says Petroleum Minister Hardeep Puri

India is working aggressively to augment its energy output, be it conventional or renewable, and it is expected that the country will become the main growth story in the energy space by the end of this decade.

"Domestic production will increase, the biofuel story is very good, and we are aggressively working on compressed biogas and green hydrogen. By 2030, India is going to be the main growth story in the energy sector," Union Petroleum Minister Hardeep Puri told ANI on the sidelines of the ongoing India Energy Week 2024.

08 Feb 2024, 02:12:36 PM IST

Singapore fuel oil stocks down as imports drop, exports rise

Onshore fuel oil inventories at key trading hub Singapore fell in the first week of February as imports retreated after last week's jump, while exports edged higher. Inventories eased 7.0% to 21.80 million barrels (3.43 million metric tons) in the week to Feb. 7, data from Enterprise Singapore data showed. Net fuel oil imports, calculated by subtracting total exports from total imports, fell 39% to around 632,000 tons, after breaching one million tons last week. The United Arab Emirates and Brazil accounted for a bulk of the incoming supply, while outflows were mostly headed for South Korea and China in the week to Feb. 7.

08 Feb 2024, 02:11:57 PM IST

Rupee trading on flat note after RBI monetary policy decision

The rupee was trading on a flat note after the Reserve Bank of India (RBI) on Thursday decided to keep policy rate unchanged for the sixth time in a row to maintain a tight vigil on inflation.

At the interbank foreign exchange, the rupee opened at 82.94 against the dollar and was trading at 82.96 against the greenback, unchanged from its previous close, as the central bank retained the repo rate at 6.5 pc for the sixth consecutive time.

On Wednesday, the rupee appreciated 9 paise to close at 82.96 against the dollar.

08 Feb 2024, 11:26:38 AM IST

Cost Of Living Live Updates February 8: India's central bank leaves rates unchanged, as expected

India's key rate was left unchanged for a sixth straight meeting on Thursday, in line with expectations, as inflation remained above the central bank's 4% medium-term target while economic growth continued to be resilient.

The six-member monetary policy committee (MPC), consisting of three Reserve Bank of India (RBI) and three external members, left the key repo rate unchanged at 6.50%.

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