India’s retail inflation eases to 4.87 pc: Govt data

New Delhi, Nov 13 (UNI) Remaining below Reserve Bank of India (RBI)’s upper tolerance level, India’s consumer price index (CPI)-based inflation dropped to 4.87% in October, data released by Ministry of Statistics and Programme Implementation (MoSPI) said on Monday.

Retail inflation print was 5.02% in September.

During October, rural inflation stood at 5.12% while urban inflation was comparatively lower at 4.62%.

Food inflation in October was 6.61%, almost the same as in September.

As per official data, cereals and products inflation was 10.65% in October this year. Fruits and vegetables inflation were 9.34% and 2.70% respectively during this period.

Amid signs of downward trend in retail inflation, the RBI in its bi-monthly monetary policy review kept the policy repo rate unchanged at 6.5%. This was the fourth time in a row that the Monetary Policy Committee (MPC) of the RBI maintained status quo on the key interest rate.

The RBI has projected headline CPI inflation at 5.4% for FY24.

The central bank is tasked to maintain price stability in the country and maintain retail inflation at 4% with a margin of 2% on either side.

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