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Reserve Bank of India cuts India’s inflation

Mumbai: The Reserve Bank of India (RBI) reduced retail inflation rate for the current fiscal. The apex bank predicted retail inflation rate at 5.2%. Earlier in February, the RBI forecasted retail inflation to be at 5.3%. RBI Governor Shaktikanta Das updated this after the first bi-monthly monetary policy committee of 2023-24 fiscal.

For the June quarter, the retail inflation is expected to average 5.1% and rise to 5.4% each in the September and December quarter. It is expected to decline to 5.2% in the March 2024 quarter.

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RBI Governor said the Central bank’s war against inflation will continue until the inflation is brought down to target level. The RBI has the mandate of keeping inflation at 4%, with a band of ( /-) 2% on either side. Retail inflation has remained above the RBI’s upper tolerance level of 6% for 2  months and in February it was 6.44%.

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