Retail inflation declined to 4.59 per cent in December 2020 compared with 6.93 per cent in November last, government data showed on Tuesday.The data released by the Ministry of Statistics and Programme Implementation showed that the easing of .
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However, over the last four policy reviews, the Monetary Policy Committee has chosen not to cut the benchmark policy interest rate any further as concerns over rising inflation have taken precedence. The reality is that since November 2019, India s retail inflation – measured using the Consumer Price Index – had stayed well above the RBI s comfort zone for nearly every month.
Following the previous monetary policy review, the RBI admitted, “The outlook for inflation has turned adverse relative to expectations in the last two months.” This warranted the central bank to significantly upward-revise its inflation prediction for the October to December quarter, and the next two quarters as well. For Q4 of the current fiscal, the RBI expects India s CPI to remain high at 5.4 per cent, and drop marginally to 5.0 per cent in the first quarter of the next fiscal year.
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The RBI has said inflation would remain elevated for the time being.
Consumer inflation in the country stood at 6.93 per cent in November, easing from 7.61 per cent in the previous month, government data released on Monday showed. That was better than a reading of 7.10 per cent estimated by analysts in a poll by news agency Reuters. Still, retail inflation or the rate of increase in the prices that consumers pay for a group of items stayed outside the RBI s comfort zone of 4-6 per cent for a seventh straight month, a streak not seen since August 2014.
Retail inflation was helped by lower increases in food prices, but fuel continued to put pressure on the overall reading.