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Richest Facing More Inflation Than Poorest Know What Came Out In The Report Of Rating Agency Crisil

Business Desk, Amar Ujala, New Delhi

Published by: Deepak Chaturvedi
Updated Sat, 13 Nov 2021 12:37 PM IST

Summary

Rating agency Crisil’s report has revealed that the rich have been hit the most by inflation. Yes, rich people are more troubled than the poor due to inflation. The richest 20 percent of the population is facing higher inflation than the poorest 20 percent of the population.

Rating agency Crisil said in its report on inflation in the country that 20 percent of the richest population is facing higher inflation than the poorest 20 percent of the population. Along with this, it has been said that the level of inflation still remains high, which does not seem to be reducing. Both the rich and the poor are being affected by this, although there is a difference in effectiveness.

This reason came out in the report
According to the Crisil report, 20 percent of the poorest population in the country spends more on food items than other resources. There has been a decrease in this during October. At the same time, the richest 20 percent of the population spend more money on non-food items, whose prices have increased. This is the reason why the rich have been hit hard by inflation. Looking at the inflation data on Friday, the retail inflation has increased in October 2021 as compared to September 2021. Let us inform that this figure of retail inflation was at a high level of 7.6 percent in October 2020.

This is how the rating agency assessed
Rating agency CRISIL has estimated the average spending pattern across the three income groups using NSSO data. This included 20 percent poor, 60 percent middle class and 20 percent high income group population. The agency then mapped these with current inflation trends to find out which category was affected by inflation. It found that 20 percent of the rich population was more affected by inflation than the poorer 20 percent of the population.

Effect of rising petroleum prices
According to the report, the main reason for the increase in inflation in the urban sector in October is the boom in petroleum products and core inflation. Inflation in the urban sector has increased due to the rise in oil, while in the rural sector, the effect of inflation has been reduced due to lower inflation on food items. Inflation in rural India has been further lower in October than in September.

The inflation rate for the rural rich is 4.4%
According to the Crisil report, the inflation rate in October for 20 percent of rural population was 4.4 percent, while for 20 percent of urban people it was 5 percent. In the rural area, the inflation rate for the 60 percent middle class population was 4 percent, while for the urban 60 percent middle class population, the inflation rate was 4.9 percent. Apart from this, inflation was 3.9 percent for 20 percent poor population in rural areas and 4.9 percent for 20 percent poor population in urban areas.

Expansion

Rating agency Crisil said in its report on inflation in the country that 20 percent of the richest population is facing higher inflation than the poorest 20 percent of the population. Along with this, it has been said that the level of inflation still remains high, which does not seem to be reducing. Both the rich and the poor are being affected by this, although there is a difference in effectiveness.

This reason came out in the report

According to the Crisil report, 20 percent of the poorest population in the country spends more on food items than other resources. There has been a decrease in this during October. At the same time, the richest 20 percent of the population spend more money on non-food items, whose prices have increased. This is the reason why the rich have been hit hard by inflation. If we look at the inflation data on Friday, the retail inflation has increased in October 2021 as compared to September 2021. Let us inform that this figure of retail inflation was at a high level of 7.6 percent in October 2020.

This is how the rating agency assessed

Rating agency CRISIL has estimated the average spending pattern across the three income groups using NSSO data. This included 20 percent poor, 60 percent middle class and 20 percent high income group population. The agency then mapped these with current inflation trends to find out which category was affected by inflation. It found that 20 percent of the rich population was more affected by inflation than the poorer 20 percent of the population.

Effect of rising petroleum prices

According to the report, the main reason for the increase in inflation in the urban sector in October is the boom in petroleum products and core inflation. Inflation in the urban sector has increased due to the rise in oil, while in the rural sector, the effect of inflation has been reduced due to lower inflation on food items. Inflation in rural India has been further lower in October than in September.

The inflation rate for the rural rich is 4.4%

According to the Crisil report, the inflation rate in October for 20 percent of rural population was 4.4 percent, while for 20 percent of urban people it was 5 percent. In the rural area, the inflation rate for the 60 percent middle class population was 4 percent, while for the urban 60 percent middle class population, the inflation rate was 4.9 percent. Apart from this, inflation was 3.9 percent for 20 percent poor population in rural areas and 4.9 percent for 20 percent poor population in urban areas.

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