India’s retail inflation fell to 5.1% in January 2024 due to moderating food price increases and a favorable base effect, according to the latest official data released on Monday.
Meanwhile, India’s industrial output based on the Index of Industrial Production (IIP) grew 3.8% in December 2023, according to the latest official data released separately. November 2023 saw an increase of 6.4%.
India’s CPI inflation rate was 6.52% in January 2023 and 5.69% in December 2023.
According to data released by the National Statistics Office (NSO), the food basket retail inflation rate was 7.58%, compared with 9.53% in December 2023.
The government has tasked the Reserve Bank of India to ensure that retail inflation remains at 4%, with a margin of 2% on both sides. In its monetary policy announcement last week, the Reserve Bank of India projected CPI inflation of 5.4% in 2023-24.
It highlighted “large and repeated food price shocks” as one of the biggest risks to continued deflationary trends.
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