"Inflation is the most regressive form of taxation because it hits the poor the most." --Narendra Jadhav, Vice Chancellor, University of Pune.
Inflation is a rise in the prices of a specific set of goods or services. In either case, it is measured as the percentage rate of change of a price index.
Food prices are soaring. . . all essential items like vegetables, oil, milk, sugar are getting costlier. Rentals and real estate rates have almost doubled in just a few months in most cities. The real estate prices are at record highs making life miserable, especially for people who have migrated to cities for jobs.
Inflation based on wholesale prices during the period January 1998-January 1999 was 4.6 percent, one of the lowest in the world. Today, India's inflation is rising at a fast pace and is set to cross 6%. And it does not augur well. . .
Image: An Indian youth works in a mustard field on the outskirts of Agartala. | Photograph: Bapi Roy Choudhury/AFP/Getty Images
Also read: 17 tips to save petrol, diesel!
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