News Desk, AnyTV, New Delhi
Published by: Abhishek Dixit
Updated Mon, 13 Jun 2022 06:16 PM IST
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Relief news has come for the people of the country. There has been a slight decline in retail inflation as compared to the previous month. It is being told that the retail inflation rate in April was 7.79 percent. This figure has come down to 7.04 percent in May.
It is being told that due to cheaper food items, retail inflation came down to 7.04 percent in the month of May. However, it has remained above the RBI’s satisfactory level for the last five consecutive months. According to data released by the National Statistical Office (NSO) on Monday, the Consumer Price Index based (CPI) inflation stood at 7.79 per cent in April. Retail inflation stood at 6.3 per cent in May last year.
Inflation in food articles declined to 7.97 per cent in May 2022 from 8.31 per cent in the previous month. The Reserve Bank of India in its monetary policy review this month has raised the inflation forecast for the current fiscal to 6.7 per cent from 5.7 per cent. The central bank mainly takes into account the retail inflation rate while considering monetary policy. The government has given the responsibility to the Reserve Bank to keep inflation at 4 percent with a variation of two percent.