India's CPI Inflation Eases To ____

Today General Knowledge(GK)

India's CPI Inflation Eases To _____ Percent In May 2023.

4.25%

4.63%

4.82%

5.19%

Correct Answer : Option (A) - 4.25%

India's retail inflation dropped to 4.25% in May 2023 from 4.7% in April 2023, according to a data from the Ministry of Statistics and Programme Implementation on Monday (12th June 2023).

The consumer price-based index (CPI) inflation in May 2023 is lowest in 25 months. The food inflation also eased to 2.9% in April 2023. It was 3.84% in the month of April 2023. The food basket accounts for nearly half of the CPI. While, inflation in fuel and light also eased to 4.64%, from 5.52% in April 2023.

It was for the second month in a row that retail inflation remained within the Reserve Bank of India (RBI)'s comfort zone of below 6%. Despite the huge 227-basis-point fall since January, CPI inflation remains above the central bank's medium-term target of 4% for the 44th month in a row.

India's CPI inflation in April fell sharply to 4.7% from 6.4% in February on the back of favourable base effects, with softening observed across all the three major groups.

The RBI's Monetary Policy Committee (MPC), headed by Governor Shaktikanta Das, on Thursday announced that the central bank marginally lowered its inflation projection for the current financial year to 5.1%. Das said the RBI's monetary policy actions are yielding the desired results. In April, the RBI had estimated the consumer price index (CPI) based retail inflation at 5.2% during the fiscal 2023-24.

The central bank has projected the CPI-based inflation at 5.2% for FY23-24, with 5.1% in Q1, 5.4% in Q2, 5.4% in Q3, and 5.2% in Q4, and risks evenly balanced.

The inflation price data are collected from selected 1,114 urban markets and 1,181 villages covering all states/UTs by the NSO. During the month of May 2023, the NSO collected prices from 98.56% villages and 97.04% urban markets, while the market-wise prices reported therein were 88.56% for rural and 90.76% for urban.

Meanwhile, the Index of Industrial Production (IIP) rose sharply to 4.2% in April. It was 1.1% in March, according to NSO data..

Source : Abplive

Published On : June 12, 2023

Category : Indian Economy

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Source : AIR

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Sachin Tendulkar

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