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Govt asks RBI to maintain status quo on retail inflation targeting at 4 per cent
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Centre to announce inflation target next week for five years period starting April 1
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Going easy on inflation now will be far too risky
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India’s inflation target band of 2-6 per cent is up for review as the five-year term for the Monetary Policy Committee’s (MPC’s) inflation-targeting framework draws to a close, Finance Minister Nirmala Sitharaman said on Thursday. “The MPC’s term is coming to an end. Inflation targeting will also have to be reviewed. We shall do that,” Sitharaman was quoted as saying by Reuters. The government has asked the Reserve Bank of India (RBI) for its views on the targeting framework, said a senior government official. The government has also sought the central bank’s suggestion on tweaks to the CPI basket and if the old weightings need to be changed or recalibrated, said the official. The new framework would be announced by March 31, he added.
Updated Jan 12, 2021 | 18:01 IST
Index of Industrial Production (IIP) contracted sharply by 1.9% in November 2020 as against growth of 3.6% in October 2020 and growth of 2.1% in November 2019 Retail inflation eases to 4.59% in December; IIP contracts sharply by 1.9% in November
New Delhi: Retail inflation eased to 4.59% in December 2020. According to data released by the Ministry of Statistics and Program Implementation on Tuesday, Consumer Price Index inflation eased in December compared to 6.93% in November. Note that the rise in prices in October had been the sharpest since May 2014 when the inflation peaked to 7.61%.
Inflation in India has continuously been above the Reserve Bank s upper tolerance band of 6% for the past eight months till November 2020. CPI inflation peaked in October to 7.61% and then fell to 6.93% in November. Retail inflation in the country showed signs of easing in December, led by easing prices of some food items.