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India’s retail inflation eases to 12-month low in May

New Delhi:  The Consumer Price Index (CPI) based retail inflation declined to 12-month low in May. Data released by the  National Statistical Office (NSO)  revealed this. As per data,CPI inflation in May 2024 eased to a 12-month low of 4.75 per cent. In the previous month of April 2024, India’s retail inflation stood at 4.83 per cent.

‘Year-on-year inflation rate based on all India Consumer Price Index (CPI) number is 4.75% (Provisional) for the month of May 2024. Corresponding inflation rate for rural and urban is 5.28% and 4.15%, respectively,’ the Ministry of Statistics and Programme Implementation said in a statement.

The CPI inflation in May 2024 is, however, higher than the 4.31 per cent recorded in the year-ago month of May 2023. It is also the previous low.Inflation in the food basket was 8.69 per cent in May, marginally down from 8.70 per cent in April.

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Headline inflation has seen sequential moderation since February 2024, albeit in a narrow range from 5.1 per cent in February to 4.8 per cent in April 2024.

The Union  government has tasked the Reserve Bank of India (RBI) to ensure inflation remains at 4 per cent, with a margin of 2 per cent on either side. The central bank has projected retail inflation at 4.5 per cent for the current fiscal assuming a normal monsoon. The inflation rate has stayed within the Reserve Bank of India’s (RBI) tolerance range of 2-6%.

Wholesale Price Index (WPI) is a measure of the average change in the price of goods at a wholesale level or in the wholesale market. Consumer Price Index (CPI) is a price index that calculates price changes of goods and services that a consumer has to pay in the retail market. The monetary police of Reserve Bank of India are made after reviewing the CPI.



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