The Centre has asked the RBI to keep retail inflation at 4% with a margin of 2% on either side. The Consumer Price Index remained above the RBI's comfort level for the 2nd month in a row.
Rise in maize and soybean prices internationally is making chicken, fish, and eggs expensive in India, which uses products derived from these grains as feed.
Centre has asked the RBI to keep the retail inflation at 4% with a margin of 2% on either side. The central bank had left the key interest rate unchanged earlier this month.
The rate of price rise in the food basket accelerated to 4.94% in March. Meanwhile, manufacturing sector output declined by 3.7% and mining output slipped 5.5% in February.
The rate of price rise in the food basket accelerated to 3.87% in February, as against 1.89% in the preceding month, as per data released by the National Statistical Office.
The rate of price rise in food basket was 1.89% in January this year, significantly down from 3.41% in December, according to data released by the National Statistical Office.
Year-on-year method misses trends in prices, so month-to-month seasonal adjustment should be used. According to this, May-December avg inflation was 4.05%.
According to data released by the Ministry of Statistics & Programme Implementation, food inflation declined to 3.41% in December in 2020, compared to 9.5% in November.
Inflation, highest since May 2014, rose both on account of food inflation and core inflation. Economists expect a prolonged pause in rate cuts by the RBI.
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