India's retail inflation based on the consumer price index decreased to 4.7% in April 2023 from 5.66%.

India’s retail inflation in the month of April 2023 eased to an 18-month low of 4.70%, data released by the National Statistical Office (NSO) on Friday (12th May 2023).

* At 4.70, the consumer price index (CPI) in April 2023 remained below the upper threshold of the Reserve Bank of India’s medium-term 4+/- 2% target.

* The country’s headline inflation remained within the tolerance range of the RBI for the second consecutive month. In March 2023, India’s headline inflation stood at 5.66%.

* The consumer food price index (CFPI) eased to 3.84% in April, as against 4.79% in March.

* Meanwhile, the rural inflation in April stood at 4.68%, and the urban inflation came at 4.85 per cent.

* In a bid to keep inflation under the tolerance band, the RBI since 2022 May has hiked the key lending rate –repo rate — by 250 basis points. The RBI’s repo rate currently stands at 6.50 per cent.

* India’s industrial output in March grew 1.1%, the NSO stated in separately released data. Factory output measured in terms of the Index of Industrial Production (IIP) grew 2.2% in March 2023.

* The manufacturing sector’s output increased by 0.5% in March while the mining output increased 6.8% in the same month, the data showed.

* India’s power output in March declined by 1.6 in March. In fiscal 2023, the IIP grew 5.1% in 2022-23, as compared to 11.4% in FY2021-22..

Source : Indian Express