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According to the data released by the National Statistical Office (NSO) on Monday, the inflation rate in food articles came down to 7.97 per cent in May 2022. It was 8.31 per cent in April. The share of food articles in the CPI is 39.06 per cent.
On May 21, the central government had cut excise duty on petrol by Rs 8 and on diesel by Rs 6 per liter. After this, 6 states also reduced VAT. This has brought down the cost of freight, which has brought down retail inflation.
In addition, import duty on edible oils like soybean has been cut. The government has given the RBI a target of keeping retail inflation at 4 per cent with a growth rate of two per cent.
Vegetable prices rise
Vegetable prices registered a rise in May amid fall in prices of other food items. During this period, the inflation rate of vegetables increased by 2.85 percent to 18.26 percent. In April, this rate was 15.41 percent. Similarly, the cost of residential projects has gone up. The inflation rate for these projects rose to 3.71 per cent, from 3.47 per cent in April.
Relief in the prices of these products
object may april
Cereals 5.33 percent 5.96 percent
Oils and Fats 13.26 percent 17.28 percent
Fruits 2.33 percent 4.99 percent
Pulses 4.2 percent 1.86 percent
Fuel-electricity 9.54 percent 10.80 percent
Clothing-Shoes 8.85 percent 9.85 percent
CPI exceeded RBI’s scope this year
month rate
January 6.01 percent
February 6.07 percent
March 6.95 percent
April 7.79 percent
May 7.04%
Expansion
In May, there was relief on the retail inflation front due to cheaper food items and fall in petrol and diesel prices. Steps such as reduction in excise duty by the government and hike in policy rates by the RBI have also brought down consumer price based (CPI) inflation. However, it still remains above the central bank’s satisfactory level of 6 per cent.
According to the data released by the National Statistical Office (NSO) on Monday, the inflation rate in food articles came down to 7.97 per cent in May 2022. It was 8.31 per cent in April. The share of food articles in the CPI is 39.06 per cent.
On May 21, the central government had cut excise duty on petrol by Rs 8 and on diesel by Rs 6 per liter. After this, 6 states also reduced VAT. This has brought down the cost of freight, which has brought down retail inflation.
In addition, import duty on edible oils like soybean has been cut. The government has given the RBI a target of keeping retail inflation at 4 per cent with a growth rate of two per cent.
Vegetable prices rise
Vegetable prices registered a rise in May amid fall in prices of other food items. During this period, the inflation rate of vegetables increased by 2.85 percent to 18.26 percent. In April, this rate was 15.41 percent. Similarly, the cost of residential projects has gone up. The inflation rate for these projects rose to 3.71 per cent, from 3.47 per cent in April.
Relief in the prices of these products
object may april
Cereals 5.33 percent 5.96 percent
Oils and Fats 13.26 percent 17.28 percent
Fruits 2.33 percent 4.99 percent
Pulses 4.2 percent 1.86 percent
Fuel-electricity 9.54 percent 10.80 percent
Clothing and footwear 8.85 percent 9.85 percent
CPI exceeded RBI’s scope this year
month rate
January 6.01 percent
February 6.07 percent
March 6.95 percent
April 7.79 percent
May 7.04%