India’s Retail Inflation in May: Highlights
In the month of May 2022, the retail inflation of the country stood at 7.04 per cent. The data relating to this was released by the National Statistical Office (NSO) under the Ministry of Statistics and Program Implementation.
What was the inflation rate in April 2022?
In the month of April 2022, the inflation rate touched a record high of 7.79 per cent. This was a record in the last eight years.
What were the highlights of this report?
- In May 2022, the inflation in the food sector was 7.97 per cent. In April it was recorded at 8.31 per cent.
- In April, the Wholesale Price Inflation (WPI) stood at 15.08 per cent which was a record high. This was due to price rises in various kinds of items such as vegetables, fuel, and cooking oil.
- The retail inflation also stood at 7.79 per cent in April.
What was the inflation projection made by the RBI?
Recently, the Reserve Bank of India had increased the inflation projection for FY 22-23 to 6.7 per cent. In April, the RBI had forecasted a 5.7 per cent inflation rate. The RBI also projected that in Q1 (June) the rate will be 7.5 per cent, in Q2 (September) it will be 7.4 per cent, in Q3 (December) it will be 6.2 per cent while in Q4 (March) it will be 5.8 per cent.