te Consumer Price Index: CPI inflation spikes to 6.52 % in January, after hitting 1-year low in December | Zee Business

Consumer Price Index: CPI inflation spikes to 6.52 % in January, after hitting 1-year low in December

Consumer Price Index: As for the medium-term target of 4 percent, CPI inflation has now exceeded it for 40 months in a row.

Consumer Price Index: CPI inflation spikes to 6.52 % in January, after hitting 1-year low in December
Inflation rate spikes to 6.52% in January, after being low for previous months. (Image: Reuters)

India's headline retail inflation rate spiked to 6.52 per cent in January 2023, after witnessing a one-year low of 5.72 percent in December, data released on February 13 by the Ministry of Statistics and Programme Implementation showed.

inflation-in-India-in-Jan'23

The inflation rate has breached RBI's tolerance band of 2-6 per cent for the first time in three months. After being continuously high, beyond the tolerance level of 6 per cent from January’22 till October’22, the rate eased for the first time in November.  

TRENDING NOW

inflation-in-India spikes in January

As for the medium-term target of 4 percent, CPI inflation has now exceeded it for 40 months in a row. Inflation was expected to remain above the medium-term target of 4 per cent in the coming years, with an average of 5 per cent in the upcoming fiscal year starting April 1, a separate Reuters poll predicted, near the RBI's prediction of 5.30 per cent.

 

The Reserve Bank of India (RBI) on February 8 projected retail inflation to ease to 5.3 per cent in next fiscal on assumptions of lower imported inflation, even though core inflation remains sticky.

 

RBI Governor Shaktikanta Das while announcing the Monetary Policy Committee's decision, said that the inflation outlook for the current fiscal has improved from 6.8 per cent projected earlier, to 6.5 per cent. He said that the steeper-than-expected decline in vegetable prices and crude are at play.

 

Written By: Pushpita Dey
Edited By: Hemant Abhishek
Updated: Mon, Feb 13, 2023
07:32 pm
ZeeBiz WebDesk
RELATED NEWS
Retail inflation eases to 5.02% in September from 6.83% in August, within RBI's comfort zone Retail inflation eases to 5.02% in September from 6.83% in August, within RBI's comfort zone
Pakistan's short-term inflation rises 27.5% Pakistan's short-term inflation rises 27.5%
India’s retail inflation drops to 4.70% in April, stays within RBI’s tolerance band for second consecutive month India’s retail inflation drops to 4.70% in April, stays within RBI’s tolerance band for second consecutive month
Consumer inflation eases to 15-month low in March Consumer inflation eases to 15-month low in March
Consumer inflation barely eases to 6.44% in February, still beyond RBI's comfort zone Consumer inflation barely eases to 6.44% in February, still beyond RBI's comfort zone

By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

x