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Retail inflation further up above RBI target
Consumer Price Index surges to 5.08% from 4.8% in May 2024 and 4.87% in June 2023
New Delhi: Retail inflation increased to 5.08 per cent in June as kitchen items became dearer, according to government data released on Friday. The Consumer Price Index (CPI) based retail inflation was 4.8 per cent in May 2024 and 4.87 per cent in June 2023 (previous low). Inflation in the food basket was 9.36 per cent in June, up from 8.69 per cent in May, according to the data released by the National Statistical Office (NSO).
The government has tasked the Reserve Bank of India (RBI) to ensure that the CPI inflation remains at 4 per cent with a margin of 2 per cent on either side. The RBI projected the CPI inflation for 2024-25 at 4.5 per cent, with Q1 at 4.9 per cent, Q2 at 3.8 per cent, Q3 at 4.6 per cent, and Q4 at 4.5 per cent. The central bank mainly factors in the retail inflation while deciding its bi-monthly monetary policy.
