Russia-Ukraine war poses upside risk to inflation: Finance ministry

Monthly report says second advance GDP estimate reaffirms full recovery

The finance ministry said on Tuesday that high energy and commodity prices due to the Russian invasion of Ukraine may provide an upside risk to inflation and continued vigil is required.
 

“Going forward, elevated energy and commodity prices may act as an upside risk to the inflation outlook in the near-medium term. Given the inherently unsustainable nature of high prices, international commodity prices are expected to level off early with an increase in supplies outside the crisis zone,” the department of economic affairs said in its latest monthly economic report for February.
 

“For the fiscal year 2022-23, RBI (Reserve Bank