CM – Retail inflation climbs to 4.29% in April as food prices fall

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Retail inflation: Food inflation fell from 4.87 percent in March to 2.02 percent in April.

Retail inflation fell to 4.29 percent in April 2021 due to a fall in food prices, such as Government data on Friday showed. The rate of inflation was slightly higher than a survey by Reuters news agency last week that estimated retail inflation fell 4.20 percent in April from a four-month high of 5.52 percent in March. Food inflation – or food price inflation – fell from 4.87 percent in March to 2.02 percent in April. The Reuters poll, which was conducted among 50+ economists, forecast retail inflation to be just above the Reserve Bank of India’s four percent target in April. (Also Read: Cheap Grocery Prices Likely To Push Retail Inflation To A 3-Month Low In April: Poll) Retail Inflation, which fell to 4.29 percent in April, is within the Reserve Bank of India’s comfort zone of two to six percent. for the fifth month in a row. The central bank tracks retail inflation – or the rate of increase in consumer prices, as determined by the consumer price index or the consumer price index. According to the National Statistical Office (NSO), inflation in the “fuel and light” category remained up 7.91 percent over the course of the month, while the tobacco, frying pan and intoxicant category recorded an inflation rate of 9.01 percent.

Minutes of the RBI’s Monetary Policy Committee meeting in April showed that members raised concerns about the upside risks to inflation and raised the inflation forecast for the first half of this fiscal year to 5.2 percent. However, the central bank kept the repo rate at a record low of four percent and said this would ensure sufficient liquidity.

The monetary policy committee, led by RBI governor Shaktikanta Das, was expecting GDP growth in the current financial year 2021/22 (GDP) of 10.5 percent. (Also read: RBI Monetary Policy Highlights: Repo Rate Stable, Growth Forecast Maintained at 10.5%) Meanwhile, separate government data today showed that factory production as measured by the Industrial Production Index (IIP) in March 2021 is annual is up 22 percent.

Aditi Nayar, chief economist at ICRA, stated that CPI inflation will rise in April 2021, given the high base related to supply disruptions experienced during the nationwide lockdown in April 2020 a three-month low had fallen and had been printed a little higher than expected. Overall, the prevailing local restrictions appear to have had limited impact on prices in April 2021, she added.

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