Many analysts now expect him to raise interest rates by another 25 basis points on October 29, even after data showing economic growth in the June quarter hit a four-year low. “The pickup in inflation is testament to the lingering inflation risks and underscores the need for the RBI to keep its inflation guards up,” said Leif Lybecker Eskesen, Chief Economist for India & ASEAN at HSBC in a note. Federal bond yields posted their biggest advance in three weeks after the data firmed up expectations for a second consecutive rate hike in as many months. The benchmark 10-year government bond yield ended up 8 basis points on the day at 8.57 percent, its highest since September 23. Other data showed consumer prices rose 9.84 percent year-on-year in September, the fastest pace in three months. Economists in a Reuters poll last week had forecast an annual 9.60 percent rise in retail prices. India is not the only major emerging market wrestling with inflation and high food costs – China’s consumer inflation hit a seven-month high of 3.1 percent in September. But the pace of growth in food prices in India stood out, rising to an annual 18.40 percent last month, the fastest clip since July 2010 and triple the 6.1 percent rise seen in China. India’s inflation data comes on the heels of Friday’s disappointing industrial output numbers. Output grew a much-slower-than expected 0.6 percent in August, hurt by weak investment and consumer demand, dashing hopes of an economic rebound by the end of the year. STAGFLATION?
Walmart food stamps glitch: No spending limit leads to out-of-control shoppers
“I saw people drag out eight to ten grocery carts,” Springhill Police Chief Will Lynd told local CBS affiliate KSLA . “It was definitely worse than Black Friday. It was worse than anything we had ever seen in this town.” The glitch, caused by a power outage during a routine maintenance test at Xerox , took many long hours to correct and affected millions of households across 17 states. Around 7 PM, the Walmart stores in Springhill and Mansfield first noted that EBT cards were not displaying limits and called corporate for guidance. A spokesman for the company acknowledged that the stores got the green light to allow customers to use their EBT cards despite the glitch a decision which led many to load up on hundreds of dollars worth of food items, clearing out entire shelves by the time limits were restored two hours later. Lynd said that at no point were people unruly, and officers were merely brought in to assist with crowd control. Manfield’s police chief Gary Hobbs also reported calm among shoppers, save for a few instances of “pushing and shoving.” However, a store employee told KSLA they were forced to stop selling food by 9 PM because there was nothing left to sell. In Springhill, many overflowing shopping carts were left in the aisles after limits were restored, and employees spent nearly an entire day putting items back. According to ABC News , Walmart will be held responsible for any amount spent over the limit by EBT card holders. A Louisiana Department of Children and Family Services spokesman said the company chose not to adhere to the emergency policy which limits all sales during a system outage to no more than $50.
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EBT Outage Sparks Black Friday-esque Run On Food Shelves at Walmart
The two-hour Walmart food stamps glitch, which allowed Walmart shoppers to use their EBT cards without spending limit, was sanctioned by Walmart headquarters, according to an Oct. 13, 2013, KSLA News 12 report. On Saturday, while shoppers in 17 states were unable to use Electronic Benefits Transfer (EBT) cards due to a power outage at Xerox (the company that handles the EBT cards), Walmart shoppers in Springhill and Mansfield in Louisiana experienced quite the opposite. Springhill Police Chief Will Lynd explained that from about 7 p.m. to 9 p.m. the EBT cards weren’t showing limits and when they called corporate Walmart, a spokesman said to let the people use the cards anyway. The Walmart food stamps glitch allowed Walmart shoppers to use the EBT cards for two hours without any purchasing limit. As one would expect, after discovering the Walmart food stamps glitch and the power to spend unlimited amounts of money on food and other applicable items, Walmart shoppers loaded up their carts to the fullest. Springhill Police Chief Will Lynd confirms they were called in to help the employees at Walmart because there were so many people clearing off the shelves. He says Walmart was so packed, It was worse than any black Friday that he’s ever seen. One Walmart customer said that “just about everything is gone, I’ve never seen it in that condition. By the time the end of the Walmart food stamps glitch was announced at 9 p.m. on Saturday, those overflowing shopping cards were just left behind in the aisles of the Walmart stores. Despite the Walmart food stamps glitch and the out-of-control Walmart shoppers with overflowing shopping carts, only one woman was detained because she rang up a bill of $700.00 and only had .49 on her card. The woman was help by police until corporate Walmart said that they would not press charges if she left the food. Kayla Whaling, a spokesperson for Walmart, said that the company was fully aware of the Walmart food stamps glitch and that it was fully engaged and monitoring the situation and transactions during the outage. We did make the decision to continue to accept EBT cards (and purchases on WIC and SNAP) during the outage so that they [Walmart shoppers] could get food for their families.”