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MUMBAI, June 27 (Reuters) - India's current account deficit narrowed sharply in the January to March quarter, helped by a smaller trade gap and increased services exports, the Reserve Bank of India (RBI) said on Wednesday. The current account deficit (CAD) (INCURA=ECI) stood at $1.3 billion, or 0.2% of gross domestic product (GDP), in the fourth quarter of the 2022/23 fiscal year, compared with the previous quarter's revised deficit of $16.8 billion, or 2% of GDP. The deficit had stood at $13.4 billion in the same period a year earlier, the data showed. Forecasts ranged widely, from a deficit of $5 billion to a surplus of $7.8 billion. For the 2022/23 fiscal year the current account balance showed a deficit of 2% of GDP versus a deficit of 1.2% in the preceding financial year as the trade deficit widened to $265.3 billion from $189.5 billion a year earlier.
Persons: Aditi Gupta, Baroda's Gupta, Siddhi Nayak, Sudipto Ganguly, Clarence Fernandez, David Goodman Organizations: Reserve Bank of India, Reuters Graphics, Baroda, Bank, Baroda's, Thomson Locations: MUMBAI
Housing rentals and ancillary costs have a 10.07% weightage in India's consumer price inflation basket and are near three-year highs, posing a fresh worry for the central bank that had to contend with rising food prices for most of last year. Urban housing inflation rose to 4.47% year-on-year in December 2022, versus 3.61% in the same period a year ago and 3.21% in December 2020, data from the Ministry of Statistics and Programme Implementation showed. "Core inflation has continued to remain sticky and hence an increase in housing inflation poses a significant risk to the overall inflation outlook," said Aditi Gupta, an economist at Bank of Baroda. While housing prices are not part of the consumer price inflation basket, their effect is captured through construction and raw material prices, and analysts do not expect a slowdown any time soon. Analysts said rising house prices would also feed into higher demand for services like electricity and repairs, ultimately working their way into the overall inflation basket.
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