India’s poor still hardest hit as central bank set for fourth straight rate hike to tame inflation

India’s central bank is due to announce its latest interest rate decision on Friday (Sep 30). It’s widely expected to raise rates for the fourth consecutive time in an effort to bring steep inflation under control. Soaring inflation hits India’s large poor population the hardest. Retail inflation hit 7% in August. The World Bank estimated that in 2019, India had about 59 million people living on less than $2 a day. Projections show the COVID-19 pandemic may have doubled that number to almost 140 million — or about 10% of the population.

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