Form of words:
New Delhi: Retail inflation declined marginally to 5.3 per cent in August, mainly due to moderation in food prices.
Retail inflation based on the Consumer Price Index (CPI) stood at 5.59 per cent in July and 6.69 per cent in August 2020.
According to data released by the National Statistical Office (NSO), inflation in the food basket stood at 3.11 per cent in August, up from 3.96 per cent in the previous month.
The Reserve Bank had kept the key interest rate unchanged in its monetary policy review in August. It primarily focuses on the CPI while setting its bi-monthly monetary policy.
RBI has projected CPI inflation during 2021-22 at 5.7 per cent – 5.9 per cent in Q2, 5.3 per cent in Q3 and 5.8 per cent in Q4 of FY20, with risks being broadly balanced. CPI inflation for the first quarter of 2022-23 is estimated at 5.1 per cent.
Read also: India’s unstable monsoon may have an impact on inflation, says Barclays chief economist
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