New Delhi: The Consumer Price Index (CPI) based retail inflation declined to 11-month low in April. As per National Statistical Office (NSO) data, retail inflation eased to 4.83 per cent in April. The Consumer Price Index (CPI) based retail inflation was 4.85 per cent in March. It was 4.7 per cent in April 2023.
Inflation in the food basket was at 8.70 per cent in April, marginally up from 8.52 per cent in March. In India, the year-on-year vegetable inflation rate was recorded at 27.80 percent, slightly lower than the 28.30 percent reported in March. The inflation rates for cereals and pulses were reported at 8.63 percent and 16.84 percent, respectively.
Meat and fish prices rose to 8.17 percent from 6.36 percent a month earlier, while fruit prices increased to 5.22 percent from 3.07 percent in March. Conversely, there was a slight decline in the prices of vegetables and pulses.
Also Read: India’s wholesale price index rises in April
In April, the inflation rate for fuel and light experienced a contraction of -4.24 percent. In the clothing & footwear sector, the inflation rate was recorded at 2.85 percent, while for the housing sector, it stood at 2.68 percent.
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%. Compared to the previous month’s decrease of -0.11%, the inflation rate rose to 0.16% in the latest period, on a sequential basis.
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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