Hindi English Translation || Editorial || Optical relief: On headline inflation

Optical relief: On headline inflation

For most households (पारिवारिक घर), the moderation (संयम, संतुलन) in headline inflation (मुद्रा स्फ़ीति) brings little respite

The pace (गति, प्रगति) of price rise faced by Indian consumers eased (decrease, lessen, diminish, reduce, lower) below the central bank’s (केंद्रीय अधिकोष) upper tolerance (सहनशीलता, विचलन) threshold (सीमा) of 6% in March. The 5.66% retail inflation level recorded in March was last seen in December 2021. That was followed by a sustained (निरंतर, लगातार) spell of high inflation that escalated (increase, intensify, heighten, deepen) after the Russia-Ukraine conflict (war, armed conflict, battle, fighting) that began in February 2022, and peaked at an eight-year high of 7.8% in April. Including last November and December, March marks (निशान, इंगित करना) only the third occasion (अवसर, समय, क्षण) in 15 months when inflation was within the Reserve Bank of India’s (RBI’s) mandated (अनिवार्य, बाध्यकारी) tolerance range of 2% to 6%. The RBI, which had to send an explanation to the government on why the target was missed for three successive (क्रमिक, क्रमागत) quarters (a period of three months (considered as one-fourth of a year)) — for the first time since the inflation targeting framework (ढाँचा, रूपरेखा, संरचना) was introduced — hit a pause (to pause (an activity); stop, terminate) on interest rates this month after a streak (period, time, spell, session, season, stretch) of hikes. It now expects inflation to average 5.2% in 2023-24 (lower than the 5.3% it projected (परियोजना, पूर्वानुमान) in February). As it stands (जैसा कि वह), the average inflation between January and March has turned out to be 6.21%, far higher than the RBI’s February projection (forecast, prediction, calculation) of 5.9%. For the full year gone by, inflation averaged 6.66% vis-à-vis (concerning, with regard to, in relation to, as/in comparison with, in connection with (Vis-à-vis from Latin via. French, means literally “face-to-face)) the 6.5% the RBI expected.

The central bank and the government may now be sanguine (optimistic, hopeful, confident, positive, cheerful (particularly in a difficult situation)) about headline inflation (it is a measure of the total inflation within an economy, including commodities such as food and energy prices) staying below 6%, but that is in no small measure (to a very great extent/level/degree) due to the statistical effects of higher numbers from the previous year’s base (a number used as the basis). In the April to June quarter, the RBI expects inflation to average 5.1%, up from 5% predicted two months ago — the same quarter had clocked (register, record; achieve) a mean (average, median) inflation of 7.28% in 2022. While the pace of price rise may slow down, prices are still rising at a fairly (little, slightly, moderately) significant (considerable) clip (speed, rate, pace), on top of (in addition to something else) price hikes effected in the past year. There is no medium-term reversal (change) likely in amounts people shell out (pay out, spend, expend) for most goods and services, barring (except, except for, apart from, other than, besides, excluding) seasonally triggered (cause, lead to, result in, produce, bring about, generate) changes in items such as vegetables. In fact (actually, really, in reality), excluding vegetables whose prices have been falling (decrease, drop, reduce) year-on-year (year over year (for comparison)) since November 2022, the inflation faced by consumers in March was still 6.6%. Imported inflation (when the general price level rises in a country because of the rise in prices of imported commodities, inflation is termed as “imported inflation”) fell to its lowest level since November 2019 at 2.8%, which means domestic factors are still spurring (prompt, stimulate, encourage, galvanize) prices around 6%. Fresh global shocks (disturbance causing volatility/uncertainty in an economy) from oil prices and other unknowns may cause imported inflation to spike (rise/increase sharply) again. With cereal (a grain or plants that produce it (for example-wheat, maize, rice & etc.)), spices (aromatic vegetable products (e.g. pepper) used to season/flavor foods) and milk prices on the boil (it refers to a situation which is very strong or active or intense) and worries about crop (a plant that can be grown and harvested extensively for profit or subsistence) losses due to recent unseasonal precipitation (rain, rainfall) (as well as fears of El Niño (an unusual/abnormal warming of the waters across the central and eastern equatorial Pacific that lies closer to the Americas). La Niña means abnormal cooling.) effects this year), food prices may continue to pinch (hurt, pain, cause discomfort) households. There is no room (scope, chance, leeway, freedom, latitude, opportunity (for something to happen)) to let the guard down on inflation, even if propping up (to give support to someone or something otherwise that person/thing would fail/collapse; support, help, aid, assist, bolster (up), shore up, hold up, buttress, undergird, underpin, reinforce, strengthen) growth is the priority. Squeezed (restricted, reduced) consumption is hardly (barely, almost not) going to inspire investment.

Courtesy: The Hindu

Important Word List With Meaning

1.inflation (noun)

Hindi Meaning - मुद्रा स्फ़ीति
English Meaning - simply meaning “cost of living”; increase of price level of goods & services and vice versa decrease of currency value.

2.household (noun)

Hindi Meaning - पारिवारिक घर
English Meaning - family, house.

3.moderation (noun)

Hindi Meaning - संयम, संतुलन
English Meaning - reduction, contraction, lessening, decrease.

4.pace (noun)

Hindi Meaning - गति, प्रगति
English Meaning - speed, rate.

5.central bank (noun)

Hindi Meaning - केंद्रीय अधिकोष
English Meaning - the banking regulator of a county’s banking system. (e.g. The Reserve Bank of India (RBI) is the central bank of India).

6.tolerance (noun)

Hindi Meaning - सहनशीलता, विचलन
English Meaning - deviation, fluctuation, variation.

7.threshold (noun)

Hindi Meaning - सीमा
English Meaning - it is an amount, level, or limit of something. Once the threshold is reached, something else happens or changes; lower limit, starting point, point of entry.

8.sustained (adjective)

Hindi Meaning - निरंतर, लगातार
English Meaning - continuous, continual, constant, steady.

9.mark (noun)

Hindi Meaning - निशान, इंगित करना
English Meaning - indicate, signify, represent.

10.occasion (noun)

Hindi Meaning - अवसर, समय, क्षण
English Meaning - time, moment, point, juncture, situation.

11.mandated (adjective)

Hindi Meaning - अनिवार्य, बाध्यकारी
English Meaning - required, requisite, imperative, necessary, obligatory, binding, compulsory.

12.successive (adjective)

Hindi Meaning - क्रमिक, क्रमागत
English Meaning - consecutive, in a row, straight, continuous, .

13.framework (noun)

Hindi Meaning - ढाँचा, रूपरेखा, संरचना
English Meaning - structure, system organization.

14.project (verb)

Hindi Meaning - परियोजना, पूर्वानुमान
English Meaning - forecast, predict, estimate, calculate, gauge, reckon, expect.

15.as it stands (phrase)

Hindi Meaning - जैसा कि वह
English Meaning - at this time.

16.optical relief (phrase)

English Meaning - usually noted as “simply relief”.

17.headline inflation (noun)

English Meaning - it is a measure of the total inflation within an economy, including commodities such as food and energy prices.

18.core inflation (noun)

English Meaning - it is a measure of the total inflation within an economy, excluding commodities such as food and energy prices (which change frequently).

19.respite (noun)

English Meaning - break, pause, rest, interval.

20.ease (verb)

English Meaning - decrease, lessen, diminish, reduce, lower.

21.tolerance threshold (noun)

English Meaning - maximum allowable departure/deviation from a standard one.

22.Retail or Consumer Price Index (CPI) inflation (noun)

English Meaning - The change in the price index of the basket of consumer goods and services over a period of time is referred to as CPI-based inflation or retail inflation.

23.escalate (verb)

English Meaning - increase, intensify, heighten, deepen.

24.conflict (noun)

English Meaning - war, armed conflict, battle, fighting.

25.quarter (noun)

English Meaning - a period of three months (considered as one-fourth of a year).

26.hit pause (phrase)

English Meaning - to pause (an activity); stop, terminate.

27.streak (noun)

English Meaning - period, time, spell, session, season, stretch.

28.turn out (phrasal verb)

English Meaning - appear, emerge, be present; transpire, happen, occur, come about.

29.projection (noun)

English Meaning - forecast, prediction, calculation.

30.go by (phrasal verb)

English Meaning - pass, elapse, go past, lapse.

31.vis-à-vis (preposition)

English Meaning - concerning, with regard to, in relation to, as/in comparison with, in connection with (Vis-à-vis from Latin via. French, means literally “face-to-face).

32.sanguine (adjective)

English Meaning - optimistic, hopeful, confident, positive, cheerful (particularly in a difficult situation).

33.in no small measure (phrase)

English Meaning - to a very great extent/level/degree.

34.due to (phrase)

English Meaning - because of, owing to, on account of, as a result of.

35.base (noun)

English Meaning - a number used as the basis.

36.clock (verb)

English Meaning - register, record; achieve.

37.mean (adjective)

English Meaning - average, median.

38.fairly (adverb)

English Meaning - little, slightly, moderately.

39.significant (adjective)

English Meaning - considerable.

40.clip (noun)

English Meaning - speed, rate, pace.

41.on top of (phrase)

English Meaning - in addition to something else.

42.reversal (noun)

English Meaning - change.

43.shell out (phrasal verb)

English Meaning - pay out, spend, expend.

44.barring (preposition)

English Meaning - except, except for, apart from, other than, besides, excluding.

45.trigger (verb)

English Meaning - cause, lead to, result in, produce, bring about, generate.

46.in fact (phrase)

English Meaning - actually, really, in reality.

47.fall (verb)

English Meaning - decrease, drop, reduce.

48.year-on-year (adjective)

English Meaning - year over year (for comparison).

49.imported inflation (noun)

English Meaning - when the general price level rises in a country because of the rise in prices of imported commodities, inflation is termed as “imported inflation”.

50.spur (verb)

English Meaning - prompt, stimulate, encourage, galvanize.

51.shock (noun)

English Meaning - disturbance causing volatility/uncertainty in an economy.

52.spike (verb)

English Meaning - rise/increase sharply.

53.cereal (noun)

English Meaning - a grain or plants that produce it (for example-wheat, maize, rice & etc.).

54.spice (noun)

English Meaning - aromatic vegetable products (e.g. pepper) used to season/flavor foods.

55.on the boil (phrase)

English Meaning - it refers to a situation which is very strong or active or intense.

56.crop (noun)

English Meaning - a plant that can be grown and harvested extensively for profit or subsistence.

57.precipitation (noun)

English Meaning - rain, rainfall.

58.El Nino (noun)

English Meaning - an unusual/abnormal warming of the waters across the central and eastern equatorial Pacific that lies closer to the Americas). La Niña means abnormal cooling.

59.pinch (verb)

English Meaning - hurt, pain, cause discomfort.

60.room (noun)

English Meaning - scope, chance, leeway, freedom, latitude, opportunity (for something to happen).

61.let one’s guard down (phrase)

English Meaning - lower one’s guard; to become less guarded/vigilant/careful.

62.prop up (phrasal verb)

English Meaning - to give support to someone or something otherwise that person/thing would fail/collapse; support, help, aid, assist, bolster (up), shore up, hold up, buttress, undergird, underpin, reinforce, strengthen.

63.squeezed (adjective)

English Meaning - restricted, reduced.

67.hardly (adverb)

English Meaning - barely, almost not.