Retail inflation at 15-month low, CPI inflation rate down to 5.66 per cent in March

Retail Inflation Data For March 2023: There has been a decline in the retail inflation rate for the second consecutive month. The retail inflation rate in March 2023 has been 5.66 percent, which was 6.44 percent in February. While the retail inflation rate in January 2023 was 6.52 percent. Last year in March 2022, the retail inflation rate was 6.95 percent. During this, the inflation rate of food items has also come down. Food inflation has come down to 4.79 per cent, which was 5.95 per cent in February 2023.

Inflation of expensive grains and milk became a cause of concern

In March, the inflation rate of food grains and its related products was 15.27 percent. There has been a slight decrease in the inflation rate of milk and dairy products as compared to February. Inflation in milk came down to 9.31 per cent from 9.65 per cent in February. But the inflation rate of spices has been 18.21 percent, the inflation rate of pulses has been 4.33 percent, the inflation rate of fruits has been 7.55 percent. According to the data, the inflation rate of vegetables is -8.51 percent, the inflation rate of meat and fish is -1.42 percent, the inflation rate of oil and fats is -7.86 percent.

Expect relief from costly debt!

It is a matter of relief that in March 2023, the retail inflation rate has come down to 6 percent of the tolerance band of RBI. On 6 April 2023, RBI has announced the first monetary policy of 2023-24, in which RBI has estimated the retail inflation rate to be 5.20 percent in the current financial year. Retail inflation has come within the tolerance band of RBI in March and if the rate of inflation continues to decline for the next few months, then relief from expensive loans can be expected in the coming days. While announcing the monetary policy on 6th April, RBI has not made any change in the policy rates.

Earlier, out of the seven monetary policy meetings held in 2022-23, during the announcement of six policies, the RBI had increased the repo rate by 2.50 per cent. The repo rate was increased from 4 percent to 6.50 percent.

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