Retail Inflation Eases To 5.66% In March, Falling Within The RBI’s Target Range; IIP Rises 5.6% In February
Retail inflation in March 2023: Food basket inflation was 4.79 percent in March, compared to 5.95 percent in February and 7.68 percent in the previous year.
According to the most recent official data given on Wednesday, India’s CPI inflation rate in March 2023 will be 5.66%. With this, retail inflation has fallen below the RBI’s tolerance ceiling of 2-6 percent. According to IIP, India’s industrial production increased by 5.6% in February 2023.
Retail inflation based on the Consumer Price Index (CPI) was 6.44 percent in February 2023 and 6.95 percent in March 2022.
According to the National Statistical Office, food basket inflation was 4.79 percent in March, down from 5.95 percent in February and 7.68 percent in the previous year.
The retail inflation in both rural and urban areas eased in March 2023, to 5.51 per cent and 5.89 per cent, respectively.
The inflation rose from 5.7 per cent in December 2022 to 6.4 per cent in February 2023 on the back of higher inflation in cereals, milk and fruits and slower deflation in vegetables prices.
Reserve Bank of India has projected the CPI inflation at 5.2 per cent for FY2023-24, with 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, and risks evenly balanced.