Single Phase meter inaccurate


My single phase meter readings show a current of 2.51A and a voltage of 241.45V with a load of 7 watts. According to me the current should be 0.029A. 

Is my meter faulty or am I missing something?

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OK, OK, I did not include the power factor in my calculation. Does this mean I have a very poor power factor and will need to add a capacitor to improve the power factor?

Please review your power factor history record like this

If possible, please also post your snapshot here.

Whether this 1phase meter is installed in a residential? 

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