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Retail Inflation Data For April 2023: There has been a decline in the retail inflation rate (Consumer Price Index). In April, the first month of the new financial year 2023-24, the retail inflation rate has come down to 4.70 percent, which was 5.66 percent in March 2023. This is the third consecutive month when the inflation rate has come down and it has reached the lowest level in 18 months. During this, the rate of inflation of food items has also come down. Food inflation has come down below 4 per cent to 3.84 per cent from 4.79 per cent in March 2023. A year ago, in April 2022, retail inflation was at its highest level of 7.79 percent and food inflation was 8.31 percent.
No relief from milk inflation!
In April, the inflation rate of food grains and related products was 13.67 percent, which was 15.27 percent in March. The inflation rate of milk and dairy products has been 8.85 percent, which was 9.31 percent in March. The inflation rate of spices has been at 17.43 percent. The inflation rate of greens-vegetables has been -6.50 percent, the inflation rate of pulses has been 5.28 percent, the inflation rate of meat and fish -1.23 percent, the inflation rate of oil and fats has been -12.33 percent.
Relief from costly debt!
In the coming days, after the reduction in inflation, relief from expensive loans can be expected. Retail inflation remains within the tolerance band of RBI. The upper level of the tolerance band of the inflation rate has come down to 6 percent by RBI. RBI’s monetary policy meeting will be held in the month of June from 6 to 8 June. On June 8, RBI will announce the decision of its MPC meeting. If all is well on the inflation front, then cheap loans can be expected. RBI has estimated the retail inflation rate to be 5.20 percent in 2023-24. That is, the retail inflation rate has come down from the annual estimate of RBI.
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