inflation: According to government data, retail inflation rose to a three-month high of 6.52 per cent in January.
Except for November and December 2022, retail inflation has remained above the RBI’s upper tolerance limit of 6 per cent since January 2022.
Food inflation also increased from 4.19 per cent in December 2022 to 5.94 per cent in January 2023.
Commenting on the data, ICRA Chief Economist Aditi Nayar said CPI inflation registered a sharper than expected three-month high in January 2023, led by an unexpectedly sharp jump in food inflation.
“Following the jump in the January 2023 CPI inflation print, we have revised our forecast for the fourth quarter of FY2023 to 6 per cent to 6.2 per cent, which is higher than the projection issued by the MPC last week, suggesting that Another rate hike could be in the offing in April 2023,” he said.
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