High Inflation To Fade Celebration of salary hike: Every employee working in the corporate sector waits for the month of April. Because in this month, companies reward the employees who do the best work by increasing the salary. Despite the Corona epidemic, the corporate world has shown excellent financial results in the last one year, so now companies will give increment letters to their employees by giving them salary hike. But back-breaking inflation can fade the celebration of salary hike this time. Let us tell you sequentially why the increase in salary is going to prove to be insufficient for you.
Inflation made us cry in urban areas
Tuesday April 12, 2022 Retail inflation data came out, which is enough to tell how inflation is troubling the salaried people in urban areas. Retail inflation in the month of March has been an 18-month high of 6.95 percent. That is, close to 7 percent. According to these figures, there has been a tremendous increase in inflation in urban areas. In February, retail inflation in urban areas was 5.75 percent, which has increased to 7.66 percent in March 2022. There has been a tremendous jump in the inflation rate of food items in the month of March. Food inflation stood at 7.68 per cent in March. Whereas in the month of February it was 5.85 percent. The price of edible oil continues to rise and its inflation has increased by 18.79 percent in March. There has been an increase of 11.64 percent in the prices of greens and vegetables, while the prices of meat and fish have increased by 9.63 percent.
everything is expensive
Not only the food items but also the transportation has become expensive. Coming to office has become expensive. Due to the huge jump in the prices of crude oil in the international market, there has been a tremendous jump in the prices of petrol and diesel. After 22 March 2022, the price of petrol and diesel has increased by Rs 10 per liter. So CNG is also getting increasingly expensive. CNG has become costlier by 50% in 6 months. And now app-based cab aggregator Uber Ola has also announced a 12 percent hike in fares. Not only this, expensive schools had increased the fees, but due to CNG, diesel, sending children to school has also become expensive because schools have increased the bus fare. And if you are thinking of going on a summer vacation with family, then air travel has also become expensive due to expensive air fuel. Because the prices of air fuel have increased by about 50 percent in 2022.
EMI can also be expensive
Your salary may increase but be careful because if you have taken a home loan then your EMI is going to be expensive. The retail inflation rate is much higher than the RBI’s fixed upper limit of 6 per cent. In such a situation, it is believed that through monetary policy, RBI can increase interest rates to check inflation. After which banks can make loans expensive. If this happens, then paying the EMI of the home loan can be costly for you. RBI also believes that the inflation rate in 2022-23 may be higher than the estimate of 4.5 percent in 2021-22. The RBI has projected an inflation rate of 5.7 percent in the current financial year.
The happiness of increase in salary will be removed
In such a situation, if you are happy with the news of increase in salary, then remove this misunderstanding from your mind. Because the inflation witch will remove your happiness.