India's Ministry of Statistics (MoSPI) released a detailed 'Sources and Methods for Compilation of National Accounts Statistics' report explaining the revamped GDP series introduced in February. The new series shifts the base year to 2022-23 from 2011-12 and relies more on GST records, corporate and LLP filings and labour surveys to better measure the non-financial private corporate and unincorporated sectors.
Retail inflation measured by the Consumer Price Index (CPI) rose to 4.8% in August, a 20-month high, driven mainly by rising food prices. Economists said the print raises the likelihood of the RBI's Monetary Policy Committee delivering a repo-rate hike at its October meeting, a possible shift toward a more restrictive monetary stance after a prolonged easing phase.
The HinduThe RBI clarified norms for the Merchant Discount Rate (MDR) on high-value UPI payments. From October 15, a 0.4% MDR will apply to person-to-merchant UPI transactions above ₹2,000, payable by merchants and not consumers, and capped at ₹300 for transactions of ₹75,000 or more. The RBI Deputy Governor said the levy is unlikely to push customers back to cash.
The HinduThe US Federal Reserve's FOMC raised interest rates by 25 basis points to a 3.75-4.00% range in a unanimous decision, with Chair Kevin Warsh backing the hike despite pressure from President Donald Trump. The committee penciled in another rate increase later in the year, signalling a continued focus on containing inflation and reducing uncertainty over US monetary policy.
LivemintThe Bank of Japan raised its benchmark interest rate to a 31-year high to combat inflation, as a spike in oil prices linked to the West Asia crisis added to price pressures. The move reflects intensifying pressure on the BoJ to tighten monetary policy further, moving away from its long-standing ultra-loose stance.
The Hindu
