Savings

India Inflation preview of last 3 month October to December 2013

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India Inflation CPI
India Inflation CPI
India Inflation WPI
India Inflation WPI

India Inflation preview of last 3 month October to December 2013 . . . . WPI Wholesale Price Index and CPI Consumer Price Index

#IndiaInflationData #WPI #WholesalePriceIndex #CPI #ConsumerPriceIndex

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Gold surges to Rs 31,470 per 10 gm

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Gold prices today surged by Rs 640 to Rs 31,470 per ten gram in Mumbai on sustained buying by stockists and investors.

The rally in precious metals sparked after the rupee plunged to an all-time low of 61.65 against the American currency, raising fears that the dollar-denominated metal would become costlier and restrict supply into the market after RBI prohibited inward shipment of gold coins.

Market sentiment was further influenced as investors rushed to bullion as a safe haven following free fall in equities and rupee. A firm global trend was another positive factor.

Restricted supply after the Government increased the import duty on the metal to 10 per cent on August 13 and firm global cues supported the upsurge in the metal, he added.

The latest measures by RBI and the Government are part of a series of steps taken to curb gold import, a major contributor to the widening current account deficit.

Silver followed suit and shot up further by Rs 1,505 to Rs 51,485 per kg on increased demand from industrial units and coin makers.

In the Capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 515 each to Rs 31,525 and Rs 31,325 per ten grams, respectively.

Sovereign followed suit and climbed by Rs 200 to Rs 24,900 per piece of eight gram.

Similarly, silver ready added Rs 1,365 to Rs 50,685 per kg and weekly based delivery by Rs 1,315 to Rs 50,535 per kg, after a steep rise of Rs 3,270 in the previous session.

Silver coins spurted by Rs 1,000 to Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.

(This article was published on August 17, 2013)

 

Gold surges to Rs 31,470 per 10 gm | Business Line.

India’s online search for financial services and products grows 4 times in three years

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India’s onloine search for insurance, pension products grows 4 times in three years | Business Standard.

India has the third largest base of internet users in the world, with a growing ‘digital high value’ consumer segment. According to a research report by Aviva and IMRB (Indian Market Research Bureau), India’s online search for financial services has grown four times in the last three years.

The survey was conducted across customers living in top 8 cities with annual incomes of Rs 6 lakh and above. These are customers who use internet atleast once in two weeks and have purchased a life insurance policy online in the last one year.

According to the report, almost 13 million searches a month are related to insurance. Within the segment of insurance, most internet users researched about retirement and pension related products.

The report further elaborates that some while some people research for financial products online, most of them still end up buying products offline. Reason: Offline mode of buying insurance is driven by assurance resulting in better credibility and perceptions.

Maximum sales of life insurance still happens through the offline mode. For instance, over 65% of the internet users bought health and life insurance products offline.

While the traffic of internet users is increasing year on year, what is stopping them from actually buying products online? According to the survey, physical absence of an agent holds back most customers in buying the product online.

Additionally, insurance being a complex product, customers feel it is important to have an agent explain the product or insurance policy. 21% of the internet users opine that, they avoid buying an insurance policy online because they don’t know the claim procedure. Reason: If you buy a policy offline, your insurance agent will act as an intermediary and help you in settling your claims

However, one should know that an insurance agent will only push product of a single company. hence, its important you do your search online, compare products and buy products accordingly.

Still, these are customers who contribute one third of their savings pool online. Additionally, some 27 million professionals hold a disproportionate part of the savings pool online.

 

Egypt raises rate as high inflation is harmful to economy – Central Bank News

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Egypt raises rate as high inflation is harmful to economy – Central Bank News.

Egypt’s central bank raised its key interest rates by 50 basis points, saying inflationary expectations are more harmful to the economy over the medium term despite the risks to the outlook for growth.
    The Central Bank of Egypt (CBE), which last raised rates in November 2011, said it was closely monitoring all economic developments and would not “hesitate to adjust the key CBE rates to ensure price stability over the medium‐term.”
     Egypt’s headline consumer price inflation rose by a monthly 2.5 percent in February – the highest monthly rise since August 2010 – to an annual rate of 8.21 percent due to broad increases in food and non-food prices on the back of changes in the exchange rate and dielsel distribution bottlenecks across the country, the central bank said.
   “While the probability of a rebound in international food prices is less likely in light of recent global developments, the re‐emergence of local supply bottlenecks and distortions in the distribution channels pose upside risks to the inflation outlook,” the CBE said, adding:
    Despite the downside risks to the GDP outlook, the MPC judges that disanchored inflation expectations are more detrimental to the economy over the medium term. Hence, a rate hike is warranted.”
    The CBE raised its overnight deposit rate by 50 basis points to 9.75 percent, the overnight lending rate to 10.75 percent and the main operation rate to 10.25 percent. The discount rate was raised by 75 basis points to 10.25 percent.

    Egypt’s Gross Domestic Product expanded by 2.2 percent in the fourth quarter from the third quarter for annual growth of 2.2 percent, down from 2.5 percent in the third quarter.
    The central bank said economic growth was suppressed by continuing weakness in the manufacturing sector and investment is low given heightened uncertainty.
    “While the slowdown in economic growth has been limiting upside risks to the inflation outlook, there is a possible build‐up of upward pressures on inflation going forward for the previously mentioned reasons,” the CBE said.

    www.CentralBankNews.info