Hindi English Translation || Editorial || ​Bursting at the seams: On the rise in inflation

​Bursting at the seams: On the rise in inflation

The current rise in inflation (मुद्रास्फीति, महँगाई) is not transient (अस्थायी, क्षणिक), but systemic (प्रणालीगत)

India’s April retail inflation (खुदरा मुद्रास्फीति), at a 13-month high of 3.48%, is only marginally (थोड़ा सा, मामूली रूप से) higher than its March print (a published or official statistical figure; data point, reading, statistic, metric) of 3.4%, and continues to remain deceptively (in a way that gives a misleading impression; misleadingly, delusively, illusively, falsely) benign (हानिरहित, सौम्य). Wholesale inflation (थोक मुद्रास्फीति, थोक महँगाई दर) has more than doubled (दोगुना होना, दो गुना बढ़ना) to 8.3% in April from 3.88% in March — a 42-month high — signalling (संकेत देना, दर्शाना) that substantial (significant, large, meaningful, considerable) upstream (situated or occurring earlier in a production or supply chain; preliminary, initial, early-stage, producer-end) price pressures (मूल्य दबाव, महँगाई का दबाव) are still working their way through the economy. Unsurprisingly (स्वाभाविक रूप से, आश्चर्य की बात नहीं), the spike (तेज़ वृद्धि, अचानक उछाल) in the Wholesale Price Index (WPI) (थोक मूल्य सूचकांक) has been led by soaring (increasing rapidly; skyrocketing, escalating, rocketing, surging) fuel and power prices, which rose 24.71%, while petroleum and natural gas (प्राकृतिक गैस) prices surged (तेज़ी से बढ़ना, उछाल आना) 67.2%. This clearly indicates that the full impact of rising energy costs (the monetary expense incurred for power, fuel, and electricity; fuel expense, utility bill, power cost) has not yet been passed on to end-consumers. However, such a pass-through (the act of shifting an increase in costs down the supply chain to the end consumer; transmission, shifting, transferring, handover) now appears imminent (about to happen in the near future; impending, close at hand, approaching, looming). Union Petroleum Minister Hardeep Singh Puri recently indicated that the Centre may have little choice (to be in a situation where no other viable options are available; have no other option, be forced, be compelled, be obliged) but to raise retail petrol and diesel prices, with public sector (the portion of the economy composed of all levels of government and government-controlled enterprises; state-owned enterprises, government-run entities, public undertakings) oil marketing companies reportedly (supposedly, seemingly, apparently, allegedly) absorbing (to take in and bear the burden of a cost or loss; bear, shoulder, endure, sustain) “under-recoveries (the revenue shortfall realized when goods are sold at a regulated price lower than the actual cost of production; financial losses, revenue deficit, unrecovered costs, financial burdens)” of nearly (very close to; almost, approximately, closely, practically) ₹30,000 crore a month since the U.S.-Israeli war with Iran began. Any increase in retail fuel prices will have economy-wide (affecting the entire economic system of a country; nationwide, macro-level) implications (consequence, result, ramification, repercussion).

April retail inflation has already been driven (to provide the power or influence that causes something to happen; propel, prompt, propel) chiefly (mainly, primarily, principally, predominantly) by food, with the Consumer Food Price Index (a specific economic indicator measuring the change in retail prices of food items consumed by an average household) rising to 4.2% from 3.87% in March. Predictably (in a way that can be foreseen or anticipated; as expected, unsurprisingly, naturally, foreseeably), restaurants and accommodation services (a business or facility offering lodging or space for people to stay; hospitality service, lodging industry, hotel sector) witnessed among the sharper increases, reflecting (show, display, demonstrate, indicate) the cascading effect (an unforeseen chain of events occurring when an event in a system has a negative impact on other, related systems; domino effect, ripple effect, knock-on effect) of rising commercial LPG prices. The price of the widely (extensively, broadly, largely, commonly) used 19.2 kg commercial LPG cylinder has risen by roughly ₹850-₹1,000 over revisions since the conflict (war, warfare, (armed) clash, fighting, hostility) began, while the 5 kg canister (a strong metallic container used for holding gases or liquids under pressure; cylinder) has reportedly seen increases of over ₹200 in several markets. The canister is extensively (widely, heavily, thoroughly, largely) used by migrant (relating to a person who moves from one place to another, especially in order to find work or better living conditions; immigrant) wage labour (the socioeconomic relationship in which a worker sells their labor under a formal or informal employment contract; daily wagers, physical labour, hired workers) across the country, directly feeding into food basket (a standardized group of essential edible goods used to track consumer price fluctuations; grocery essentials, staple items, dietary basics, daily provisions) costs and potentially (possibly, conceivably, probably, likely) dampening (decrease, reduce, diminish, suppress) consumption demand (the total desire and willingness of individuals to purchase goods and services; consumer spending, retail demand, purchasing appetite). This comes even as (at the exact same time that something else happens; at the same time as, while, whilst, simultaneously) Prime Minister Narendra Modi has appealed (to make a serious, urgent, or heartfelt request; urge, request, implore, plead) to people to refrain from (to deliberately stop oneself from doing something; abstain from, desist from, avoid, hold back from) “extravagant (excessive, lavish, spendthrift, profligate) spending on weddings and travel abroad (in or to a foreign country or countries; overseas, out of the country, internationally, to foreign lands)” and to cut back (reduce, decrease, curtail, slash) on buying precious metals (rare, naturally occurring metallic chemical elements of high economic value; valuable metal, noble metal, gold and silver) for a year. Consequently (as a result or effect of something; therefore, thus, hence, as a result), the Centre doubled import duties (customs tariffs, import taxes, trade duties) on gold and silver in an attempt to (with the intention or purpose of achieving a particular goal; in order to, with the intention of, trying to, making an effort to) discourage (deter, dissuade, prevent, stop) safe-haven (secure, protective, risk-free, reliable) investments and ease (relieve, alleviate, lessen, reduce) pressure on the rupee, which has depreciated (decrease in value, lose value, drop, decline) by nearly 8.5% against the U.S. dollar in the past two-and-a-half months since the conflict began. For context (used to provide background information that helps explain a situation; to provide background, for perspective, as background information, to set the scene), the rupee had depreciated by roughly 2%-3% annually on average over the previous five fiscal years (financial year). The current slide (fall, drop, decline, slump) is therefore exceptionally (unusually, extraordinarily, uncommonly, notably) sharp (sudden, rapid, and significant; abrupt, rapid, steep, drastic). It is increasingly (to an increasing extent; more and more, progressively, continuously, steadily) evident that retail inflation is bursting at the seams and will likely find fuller expression (manifestation, display, demonstration, showing) in the months ahead. The sharp divergence (separation, difference, deviation, variance) between the Consumer Price Index (a standard macroeconomic metric measuring the weighted average of prices of a basket of consumer goods and services) and WPI suggests (indicate, imply, point to, signify) that producers are still absorbing a significant share of rising costs, a situation that is unlikely (not expected to happen or be true; improbable, doubtful, questionable, implausible) to remain sustainable (able to be maintained at a certain rate or level; maintainable, viable, bearable, supportable). This leaves (to cause to remain in a particular state or condition; place, position, keep, cause to remain) the Reserve Bank of India with limited room (capacity or space for action or maneuver; scope, opportunity, leeway, margin) but to eventually (in the end; ultimately, finally, at last, in due course) tighten (restrict, limit, constrain, make stricter) monetary policy (the process by which the monetary authority of a country controls the supply of money; financial strategy) in order to (as a means to achieving a specified end; with the purpose of, with a view to, so as to, for the purpose of) keep inflation within its tolerance band (the established upper and lower limits within which a central bank aims to keep an economic metric like inflation; permissible range, acceptable limit, target range) of 2%-6%. What is unfolding (to gradually develop or be revealed; happen, occur, take place, develop) is not merely (just or only; solely, simply, just, purely) transient inflation driven by commodity volatility (the unpredictable and rapid price fluctuations of essential raw materials in global markets; price instability, market fluctuation, raw material instability), but also broader (wider, more general, comprehensive, expansive) systemic inflationary pressure (forces within an economy that pull or push the prices of goods and services upward; price rise indicators, cost-push factors, demand-pull forces), with limited manoeuvring space (the opportunity or flexibility to change a situation or the way a problem is tackled; room to act, flexibility, leeway, scope for action) for both the government and the central bank (the principal monetary authority of a nation, responsible for issuing currency and managing the state’s financial system; apex bank, reserve bank, monetary authority).

Courtesy: The Hindu

Important Word List With Meaning

1.inflation (noun)

Hindi Meaning - मुद्रास्फीति, महँगाई
English Meaning - the rate of increase in prices over a given period of time; price rise, general increase in prices, cost of living increase, escalating prices.

2.transient (adjective)

Hindi Meaning - अस्थायी, क्षणिक
English Meaning - lasting only for a short time; temporary, short-lived, short-term, momentary, ephemeral, passing.

3.systemic (adjective)

Hindi Meaning - प्रणालीगत
English Meaning - relating to a system as a whole; structural, foundational, fundamental, inherent.

4.retail inflation (noun)

Hindi Meaning - खुदरा मुद्रास्फीति
English Meaning - the rate at which the prices of everyday consumer goods and services increase over time; consumer price inflation, cost of living increase, retail price rise, consumer-level inflation.

5.marginally (adverb)

Hindi Meaning - थोड़ा सा, मामूली रूप से
English Meaning - to a small extent; slightly, somewhat, moderately, minimally.

6.benign (adjective)

Hindi Meaning - हानिरहित, सौम्य
English Meaning - mild, harmless, unthreatening, favourable.

7.Wholesale inflation (noun)

Hindi Meaning - थोक मुद्रास्फीति, थोक महँगाई दर
English Meaning - the rate of increase in prices of goods sold in bulk by wholesale businesses; producer price inflation, bulk price inflation, wholesale price increase.

8.double (verb)

Hindi Meaning - दोगुना होना, दो गुना बढ़ना
English Meaning - to become twice; increase twofold, multiply by two, grow twice as much, duplicate.

9.signal (verb)

Hindi Meaning - संकेत देना, दर्शाना
English Meaning - indicate, show, point to, signify.

10.surge (verb)

Hindi Meaning - तेज़ी से बढ़ना, उछाल आना
English Meaning - to increase suddenly; rise sharply, leap, soar, jump.

11.price pressures (noun)

Hindi Meaning - मूल्य दबाव, महँगाई का दबाव
English Meaning - economic factors that contribute to an upward trend in the cost of goods and services; inflationary forces, cost burdens, economic strains.

12.unsurprisingly (adverb)

Hindi Meaning - स्वाभाविक रूप से, आश्चर्य की बात नहीं
English Meaning - predictably, naturally, as expected, foreseeably.

13.spike (noun)

Hindi Meaning - तेज़ वृद्धि, अचानक उछाल
English Meaning - a sharp increase; surge, rise, escalation, upsurge.

14.Wholesale Price Index (WPI) (noun)

Hindi Meaning - थोक मूल्य सूचकांक
English Meaning - a macroeconomic indicator that measures and tracks the changes in the price of goods traded in bulk by wholesale businesses to other businesses.

15.natural gas (noun)

Hindi Meaning - प्राकृतिक गैस
English Meaning - a naturally occurring hydrocarbon gas mixture primarily consisting of methane, used as a fuel; fossil gas, non-renewable energy.

16.substantial (adjective)

English Meaning - significant, large, meaningful, considerable.

17.print (noun)

English Meaning - a published or official statistical figure; data point, reading, statistic, metric.

18.deceptively (adverb)

English Meaning - in a way that gives a misleading impression; misleadingly, delusively, illusively, falsely.

19.work one’s way (phrase)

English Meaning - to move or progress gradually through a system or area; filter through, permeate, pass through, navigate.

20.bursting at the seams (phrase)

English Meaning - (of a place or system) completely full to the point of breaking open; overflowing, overfilled, packed, jam-packed.

21.upstream (adjective)

English Meaning - situated or occurring earlier in a production or supply chain; preliminary, initial, early-stage, producer-end.

22.soaring (adjective)

English Meaning - increasing rapidly; skyrocketing, escalating, rocketing, surging.

23.energy cost (noun)

English Meaning - the monetary expense incurred for power, fuel, and electricity; fuel expense, utility bill, power cost.

24.pass on to (phrasal verb)

English Meaning - to transfer a financial burden or responsibility to another party; transmit, transfer, hand over, shift.

25.pass-through (noun)

English Meaning - the act of shifting an increase in costs down the supply chain to the end consumer; transmission, shifting, transferring, handover.

26.imminent (adjective)

English Meaning - about to happen in the near future; impending, close at hand, approaching, looming.

27.have little choice (phrase)

English Meaning - to be in a situation where no other viable options are available; have no other option, be forced, be compelled, be obliged.

28.public sector (noun)

English Meaning - the portion of the economy composed of all levels of government and government-controlled enterprises; state-owned enterprises, government-run entities, public undertakings.

29.reportedly (adverb)

English Meaning - supposedly, seemingly, apparently, allegedly.

30.absorb (verb)

English Meaning - to take in and bear the burden of a cost or loss; bear, shoulder, endure, sustain.

31.“under-recoveries” (noun)

English Meaning - the revenue shortfall realized when goods are sold at a regulated price lower than the actual cost of production; financial losses, revenue deficit, unrecovered costs, financial burdens.

32.nearly (adverb)

English Meaning - very close to; almost, approximately, closely, practically.

33.economy-wide (adjective)

English Meaning - affecting the entire economic system of a country; nationwide, macro-level.

34.implication (noun)

English Meaning - consequence, result, ramification, repercussion.

35.drive (verb)

English Meaning - to provide the power or influence that causes something to happen; propel, prompt, propel.

36.chiefly (adverb)

English Meaning - mainly, primarily, principally, predominantly.

37.Consumer Food Price Index (CFPI) (noun)

English Meaning - a specific economic indicator measuring the change in retail prices of food items consumed by an average household.

38.predictably (adverb)

English Meaning - in a way that can be foreseen or anticipated; as expected, unsurprisingly, naturally, foreseeably.

39.accommodation service (noun)

English Meaning - a business or facility offering lodging or space for people to stay; hospitality service, lodging industry, hotel sector.

40.reflect (verb)

English Meaning - show, display, demonstrate, indicate.

41.cascading effect (noun)

English Meaning - an unforeseen chain of events occurring when an event in a system has a negative impact on other, related systems; domino effect, ripple effect, knock-on effect.

42.Liquefied Petroleum Gas (LPG) (noun)

English Meaning - a flammable mixture of hydrocarbon gases used predominantly as cooking fuel; cooking gas, cylinder gas, propane-butane mix.

43.widely (adverb)

English Meaning - extensively, broadly, largely, commonly.

44.conflict (noun)

English Meaning - war, warfare, (armed) clash, fighting, hostility.

45.canister (noun)

English Meaning - a strong metallic container used for holding gases or liquids under pressure; cylinder.

46.extensively (adverb)

English Meaning - widely, heavily, thoroughly, largely.

47.migrant (adjective)

English Meaning - relating to a person who moves from one place to another, especially in order to find work or better living conditions; immigrant.

48.wage labour (noun)

English Meaning - the socioeconomic relationship in which a worker sells their labor under a formal or informal employment contract; daily wagers, physical labour, hired workers.

49.feed into (phrasal verb)

English Meaning - to have an influence on or contribute to the development of something; contribute to, influence, play a part in, add to.

50.food basket (noun)

English Meaning - a standardized group of essential edible goods used to track consumer price fluctuations; grocery essentials, staple items, dietary basics, daily provisions.

51.potentially (adverb)

English Meaning - possibly, conceivably, probably, likely.

52.dampen (verb)

English Meaning - decrease, reduce, diminish, suppress.

53.consumption demand (noun)

English Meaning - the total desire and willingness of individuals to purchase goods and services; consumer spending, retail demand, purchasing appetite.

54.even as (phrase)

English Meaning - at the exact same time that something else happens; at the same time as, while, whilst, simultaneously.

55.appeal (verb)

English Meaning - to make a serious, urgent, or heartfelt request; urge, request, implore, plead.

56.refrain from (phrasal verb)

English Meaning - to deliberately stop oneself from doing something; abstain from, desist from, avoid, hold back from.

57.extravagant (adjective)

English Meaning - excessive, lavish, spendthrift, profligate.

58.abroad (adverb)

English Meaning - in or to a foreign country or countries; overseas, out of the country, internationally, to foreign lands.

59.cut back (phrasal verb)

English Meaning - reduce, decrease, curtail, slash.

60.precious metal (noun)

English Meaning - rare, naturally occurring metallic chemical elements of high economic value; valuable metal, noble metal, gold and silver.

61.consequently (adverb)

English Meaning - as a result or effect of something; therefore, thus, hence, as a result.

62.import duties (noun)

English Meaning - customs tariffs, import taxes, trade duties.

63.in an attempt to (phrase)

English Meaning - with the intention or purpose of achieving a particular goal; in order to, with the intention of, trying to, making an effort to.

64.discourage (verb)

English Meaning - deter, dissuade, prevent, stop.

65.safe-haven (adjective)

English Meaning - secure, protective, risk-free, reliable.

66.ease (verb)

English Meaning - relieve, alleviate, lessen, reduce.

67.depreciate (verb)

English Meaning - decrease in value, lose value, drop, decline.

68.for context (phrase)

English Meaning - used to provide background information that helps explain a situation; to provide background, for perspective, as background information, to set the scene.

69.fiscal year (noun)

English Meaning - financial year.

70.slide (noun)

English Meaning - fall, drop, decline, slump.

71.exceptionally (adverb)

English Meaning - unusually, extraordinarily, uncommonly, notably.

72.sharp (adjective)

English Meaning - sudden, rapid, and significant; abrupt, rapid, steep, drastic.

73.increasingly (adverb)

English Meaning - to an increasing extent; more and more, progressively, continuously, steadily.

74.expression (noun)

English Meaning - manifestation, display, demonstration, showing.

75.divergence (noun)

English Meaning - separation, difference, deviation, variance.

76.Consumer Price Index (CPI) (noun)

English Meaning - a standard macroeconomic metric measuring the weighted average of prices of a basket of consumer goods and services.

77.suggest (verb)

English Meaning - indicate, imply, point to, signify.

78.unlikely (adjective)

English Meaning - not expected to happen or be true; improbable, doubtful, questionable, implausible.

79.sustainable (adjective)

English Meaning - able to be maintained at a certain rate or level; maintainable, viable, bearable, supportable.

80.leave (verb)

English Meaning - to cause to remain in a particular state or condition; place, position, keep, cause to remain.

81.room (noun)

English Meaning - capacity or space for action or maneuver; scope, opportunity, leeway, margin.

82.eventually (adverb)

English Meaning - in the end; ultimately, finally, at last, in due course.

83.tighten (verb)

English Meaning - restrict, limit, constrain, make stricter.

84.monetary policy (noun)

English Meaning - the process by which the monetary authority of a country controls the supply of money; financial strategy.

85.in order to (phrase)

English Meaning - as a means to achieving a specified end; with the purpose of, with a view to, so as to, for the purpose of.

86.tolerance band (noun)

English Meaning - the established upper and lower limits within which a central bank aims to keep an economic metric like inflation; permissible range, acceptable limit, target range.

87.unfold (verb)

English Meaning - to gradually develop or be revealed; happen, occur, take place, develop.

88.merely (adverb)

English Meaning - just or only; solely, simply, just, purely.

89.commodity volatility (noun)

English Meaning - the unpredictable and rapid price fluctuations of essential raw materials in global markets; price instability, market fluctuation, raw material instability.

90.broader (adjective)

English Meaning - wider, more general, comprehensive, expansive.

91.inflationary pressure (noun)

English Meaning - forces within an economy that pull or push the prices of goods and services upward; price rise indicators, cost-push factors, demand-pull forces.

92.manoeuvring space (noun)

English Meaning - the opportunity or flexibility to change a situation or the way a problem is tackled; room to act, flexibility, leeway, scope for action.

93.central bank (noun)

English Meaning - the principal monetary authority of a nation, responsible for issuing currency and managing the state’s financial system; apex bank, reserve bank, monetary authority.