According to the minutes of the meeting of Monetary Policy Committee, it has been revealed that it will take some time before the inflation rate set for the year drops to its target 2%. It is said to be due to the rise in process of commodity as well as due to the generous rise in the labor costs of the company.
A rise in energy costs was reflected at the time when wholesale market in the US saw a rise in process. It is said that the market has seen maximum rise in more three years now. As per the information being retrieved from the Labor Department, it has been revealed that a jump of 1.7% was seen on the producer price index.
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