Wednesday, July 24, 2024
Advertisement
  1. You Are At:
  2. News
  3. Business
  4. Retail inflation drops marginally to 6.44 per cent in February

Retail inflation drops marginally to 6.44 per cent in February

The drop in inflation rate based on the Consumer Price Index (CPI) from 6.52 per cent in January to 6.07 per cent in February 2022 will provide marginal relief to consumers.

Edited By: Raju Kumar @rajudelhi123 New Delhi Published on: March 13, 2023 18:40 IST
The consumers get little relief.
Image Source : REPRESENTATIONAL PIC The consumers get little relief.

According to government data, released on Monday, the retail inflation decreased marginally to 6.44 per cent in February, mainly due to a slight easing in prices of food and fuel items. 

The inflation rate based on the Consumer Price Index (CPI) stood at 6.52 per cent in January and 6.07 per cent in February 2022.

The inflation rate for the food basket was 5.95 per cent in February, lower than 6 per cent in January.

Except for November and December 2022, retail inflation has remained above the RBI's upper tolerance level of 6 per cent since January 2022.

The Reserve Bank has projected retail inflation at 6.5 per cent for 2022-23, with the January-December quarter at 5.7 per cent.

The central bank has been mandated by the government to ensure the retail inflation remains at 4 per cent with a margin of 2 per cent on either side.

To contain the rising prices, the RBI has hiked interest rates by 250 basis points since May last year. The latest rate hike of 25 basis points in February took the benchmark policy rate to 6.50 per cent.

(With PTI input)

Also read- Sensex tumbles over 900 points, Nifty settles 17,000 amid biggest US bank failure

Advertisement

Read all the Breaking News Live on indiatvnews.com and Get Latest English News & Updates from Business

Advertisement
Advertisement
Advertisement
Advertisement