Retail inflation eased to 5.66 per cent in March from 6.44 per cent in February. The inflation figure for March is well within the RBI’s comfort zone as it is below 6 per cent.
Retail inflation based on the Consumer Price Index (CPI) stood at 6.44 per cent in February 2023 and 6.95 per cent in the year-ago period.
According to the National Statistical Office, inflation in the food basket stood at 4.79 per cent in March, compared to 5.95 per cent in February and 7.68 per cent in the year-ago period.
Retail inflation to rise from 5.7 per cent in December 2022 to 6.4 per cent in February 2023 due to higher inflation in cereals, milk and fruits and a slower decline in vegetable prices.
The Reserve Bank of India forecast CPI inflation for FY2023-24 at 5.2 per cent, 5.1 per cent in Q1, 5.4 per cent in Q2, 5.4 per cent in Q3 and 5.2 per cent in Q4, with risks evenly balanced.
,With inputs from PTI,
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