New Delhi: The retail inflation in India has reached at 7.79% in April. As per experts, the rising crude oil and food prices is the main reason for the rising inflation. This is for the fourth month in a row that the consumer price-based inflation rate is going above the limit set by Reserve Bank of India. RBI has set the limit at India’s 2% to 6%.
In April, the CPI inflation expanded at its highest pace in eight years. The previous high was recorded at 8.33% in May 2014. April’s print was higher than 6.95% in March and 4.23% a year ago. Inflation in the food basket rose to 8.38% in April from 7.68% in March.
Food inflation, which accounts for nearly half the consumer price index (CPI) basket, reached a multi-month high in April and can remain elevated due to higher vegetable and cooking oil prices globally.