Retail Inflation India's retail inflation measured by consumer price index (CPI) eased to 6.83% in August 2023 from 7.44% in the previous month, according to data released by Ministry of Statistics & Programme Implementation (MoSPI) on Tuesday.
The CPI-based inflation had climbed to 15-month high in July primarily driven by high food prices.
In August, food inflation stood at 9.94% as compared to 11.51% in July adding to the worries of the government and Reserve Bank of India (RBI).
The latest retail inflation number is still above the RBI's upper tolerance band of 6%.
Last month, rural inflation rate was 7.02% while urban inflation was a tad lower at 6.59%.
The official data showed vegetable inflation was 26.14% in August this year while cereals and products inflation print came in at 11.85%.
Vegetable and 'cereal and products' inflation in July were 37.34% and 13.04%, respectively.
The RBI in its latest forecast has projected inflation at 5.4% in FY24 with Q2 at 6.2%, Q3 at 5.7%, and Q4 at 5.2% assuming normal monsoon.
The RBI is tasked to maintain price stability in the country and ensure retail inflation in the range of 2-6%.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
