“The Modi government gave a New Year gift to all of us in the form of Inflation. This new inflation is coupled with a consistently high unemployment rate above 7.5 per cent during most of the year 2021,” he said. He said the inflationary pressure is mounting, with November 2021 WPI at 14.23 per cent, which is at over a 10-year high, and its impact is likely to be felt more acutely in the year ahead. “As we usher in the New Year, be prepared to spend more on basic items of daily use -- what to say about luxury goods. From buying clothes and footwear to withdrawing our own money from ATMs is going to be expensive,” he said.