The National Statistical Office (NSO) issued data showing that inflation in the food basket was 8.70 percent in April, slightly higher than 8.52 percent in March.
The Reserve Bank has been charged by the government to maintain inflation at 4%, with a 2% margin of error.
Data issued by the National Statistical Office (NSO) on Monday indicated that retail inflation dropped to an 11-month low of 4.83 percent in April as non-food products helped curb price rise even as food items reported a higher inflation rate. For the sixth consecutive month, the Consumer Food Price Index-based inflation increased to 8.70 percent in April from 8.52 percent in March and 3.84 percent in the same period last year. Rural areas continued to see a higher increase in food inflation than urban areas.
From 8.55 percent in March and 3.89 percent in the same month last year, rural food inflation rose to 8.75 percent in April. According to the report, urban food inflation rose from 3.69 percent in April 2023 to 8.56 percent in April 2023, up from 8.41 percent in March.
Overall, the inflation rate for food and beverages rose from 7.68 percent in March to 7.87 percent in April. The highest percentage increases were seen in grains (8.63 percent in April compared to 8.37 percent in March) and meat and fish (8.17 percent in April compared to 6.36 percent in March). The inflation rates for vegetables and pulses remained high even though they slightly decreased to 27.80% and 16.84% in April, respectively. The fight against inflation is far from over, as indicated by the high food inflation amid heatwave risks, which suggests a wait-and-watch monetary policy stance by the Reserve Bank of India, according to economists. However, improved agricultural output may help to curb the high food inflation in the coming months.
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