The Hindu Editorial (All hands on deck) – May 24, 2022

The Union government’s decision on Saturday to cut the excise duty on petrol and diesel by ₹8 and ₹6, respectively, is a belated acknowledgement that April’s multi-year highs in inflation were spurred in significant measure by high fuel prices. For further reading, visit “The Hindu”. Below is today’s word list-1 for The Hindu Editorial (All hands on deck) – May 24, 2022.

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The Hindu Editorial (All hands on deck) – May 24, 2022:

all hands on deck (phrase) – used to say that everyone concerned is needed to participate and help in a particular (difficult) situation.
excise duty (noun) – the taxes levied on the manufacture of goods within the country, (as opposed to custom duty that is levied on goods coming from outside the country).
belated (adjective) – late, behind time, not on time/delayed.
acknowledgement (noun) – acceptance, admission, confession, recognition, realization, awareness.
inflation (noun) – simply meaning “cost of living”; increase of price level of goods & services and vice versa decrease of currency value.
spur (verb) – stimulate, propel, prompt, impel, induce, galvanize, motivate, encourage.
in — measure (phrase) – to the level/degree/extent mentioned.
eve (noun) – day before, evening before, night before (a particular event or occasion).
ease (verb) – relieve, alleviate, mitigate, soothe, moderate, tone down; diminish, lessen.
burgeoning (adjective) – increasing rapidly; growing, rising, advancing, ballooning.
basket (noun) – a group of something.
energy basket (noun) – it is usually comprised of several commodities. Coal, natural gas, biomass and uranium are responsible for most nations’ electricity generation while petroleum and its products dominate the transportation sector.
Indian Basket (IB) (or) Indian Crude Basket (noun) – The Indian crude oil basket is derived from sour grade (Oman and Dubai average) and sweet grade (Brent) of crude oil processed at Indian refineries in the ratio of 75.50:24.50. It is used for the purpose of macro-economic calculations as petroleum product prices are linked to their own market.
crude oil (noun) – the raw natural resource that is extracted from the earth and refined into products such as gasoline, jet fuel, diesel and other petroleum products.
bulk (of) (noun) – most, larger part, larger number.
surge (noun) – sudden increase or rise of something.
in the wake of (phrase) – as a result of some event, especially an unpleasant one; in the aftermath of, as a consequence of, on account of, because of, owing to.
state-run (adjective) – government-owned.
largely (adverb) – mostly, mainly, to a large/great extent.
quickening (adjective) – accelerating, increasing, rising, escalating.
Consumer Price Index (CPI) (noun) – The CPI looks at the basket of consumer goods and services and it measures the change in price of this basket over a period of time. To put it simply, the CPI monitors retail prices at a certain level for a particular commodity.
Wholesale Price Index (WPI) (noun) – The WPI looks at a basket of wholesale goods (goods purchased in large quantities by businesses directly from manufacturers with the intent of reselling them to retailers). the WPI tracks prices at the factory gate before the retail level.
accelerate (verb) – increase, rise, go up, advance, surge, escalate, quicken.
price gain (noun) – a general increase in the price of something.
soar (verb) – increase rapidly, shoot up, rise rapidly, escalate, skyrocket.
decade (noun) – a period of ten years.
S&P Global Inc. (noun) – an American publicly traded corporation headquartered in Manhattan, New York City. Its primary areas of business are financial information and analytics; S&P Global, Inc. engages in the provision of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. It operates through the following segments: Ratings, Market Intelligence, Platts and Indices.
Purchasing Managers’ Index (PMI) (noun) – Purchasing Managers’ Index or PMI is an economic indicator, which is derived after monthly surveys of different companies. The index shows trends in both the manufacturing and services sector. The index helps in determining whether the market conditions, as seen by purchasing managers, is expanding, contracting or staying the same. It is used to provide information regarding the current and future business conditions.
in fact (phrase) – actually, really, in reality, as a matter of fact.
flag (verb) – indicate, identify, point out; draw attention to.
potential (adjective) – possible, likely, prospective, future, probable.
dampener (noun) – a thing has a subduing effect; (dampen means lessen, decrease, diminish, reduce, lower).
desperate (adjective) – despairing, hopeless; anguished, distressed.
intervention (noun) – the process of intervening in something; involvement, interference.
cool (verb) – lessen, moderate, abate, diminish, reduce, dampen.
fan (verb) – intensify, increase, ignite, kindle, trigger.
opt (verb) – choose, select, pick, pick out, decide on.
inaction (noun) – inactivity, negligence, disregard.
reflect (verb) – indicate, show, display, demonstrate, manifest.
The monetary policy committee (MPC) (noun) – it is a six-member panel that is expected to bring “value and transparency” to rate-setting decisions. It will feature three members from the RBI — the Governor, a Deputy Governor and another official — and three independent members to be selected by the Government. The MPC will meet four times a year to decide on monetary policy by a majority vote.
sacrifice ratio (noun) – the sacrifice ratio is the cost of reducing inflation, the loss of output that must be sustained by the economy in order to achieve a reduction in trend inflation. It is defined as a ratio of the percentage loss of real output to one percent reduction in trend inflation.
buoyant (adjective) – burgeoning, growing, developing, progressing, expanding, mushrooming, snowballing, ballooning.
Inflationary/price pressures (noun) – the demand and supply-side pressures that can cause a rise in the general price level; cost-push inflation, hot-economy, deficit finance.
emanate (verb) – originate from, derive from, arise from, stem from, come from.
onus (noun) – burden, responsibility, liability, obligation, duty.
sink (verb) – ignore, overlook, disregard, forget, put aside, set aside, put to one side, bury.
difference (noun) – disagreement, difference of opinion, misunderstanding, dispute, argument, debate, quarrel, wrangle.
pare (verb) – reduce, diminish, decrease, cut, lower, lessen, curtail.
easing (noun) – reduction, moderation, lessening, decrease.
fall (noun) – defeat, downfall, failure, collapse, ruination; surrender, capitulation.
fallout (noun) – adverse results/consequence; after-effects, repercussions.
uncertain (adjective) – unsure, doubtful, dubious, undecided, unresolved, indecisive, irresolute, volatile.
point to (phrasal verb) – indicate, suggest, signal, signify, denote, reveal.
couple with (verb) – combine, integrate, connect, incorporate, link.
volatile (adjective) – unpredictable, turbulent, uncertain, inconstant.
scenario (noun) – situation, backdrop, context.
fiscal (adjective) – financial.
measure (noun) – action, course, course of action, procedure, step.
undergird (verb) – support, uphold, bolster, underpin, reinforce, strengthen.
consumption demand (noun) – the demand for goods and services by individuals and households in the economy.
interest (noun) – common concerns (in politics/business).
as a whole (phrase) – together, all together, as a group, in general.
call (for) (phrasal verb) – ask for, request, appeal, demand.
hue (noun) – character, aspect, appearance.
in concert (phrase) – together, jointly, in collaboration, in cooperation, shoulder to shoulder, side by side, cooperatively.
the sooner the better (phrase) – used to say that it is important that something should occur very soon (or) used to say that something important should be done as soon as possible.