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Tuesday, September 27, 2022

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CPI Inflation Eases To 7.01% In June

Retail inflation eased for the second straight month, led by a decline in prices of food items and fuel.

The Consumer Price Index inflation rose to 7.01% in June from 7.04% in May and 7.79% in April, according to data released by the Ministry of Statistics and Programme Implementation on Tuesday.

Inflation in food and beverages eased to 7.56% from 7.84% in May 2022.

A Bloomberg poll of 38 economists had estimated inflation at 7.1%.

Still, retail inflation has exceeded the Reserve Bank of India’s upper target for the sixth straight month and prompted the Monetary Policy Committee to raise the policy repo rate by 90 basis points to 4.9%. This is the second consecutive quarter that retail inflation has remained above the central bank’s target band of 4 (+/-2) %.

Breach of the target for three consecutive quarters requires the RBI to write a letter explaining the breach to the government.

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