The global energy price index experienced a sharp decline in FY24. On the other hand, the Central Government announced price cuts for LPG, petrol, and diesel. As a result, retail fuel inflation stayed low in FY24, the Survey said.
Faced with food inflation remaining at elevated levels consistently, the Reserve Bank of India on Thursday said that it is too long a period for a food price shock to be termed as transitory.
According to CRISIL report, the increase in food prices, particularly vegetables, cereals, milk, and fruits, has been a significant contributor to this uptick.
Retail inflation or Consumer Price Index in India is expected to remain below or close to 5.0 per cent in the remaining months of 2024-25, except for September, asserted SBI Research.
After the retail inflation data showed that food inflation in June almost doubled year-on-year to 8.3 percent, economic experts are optimistic that food inflation will decrease in the coming months.
Amid the ring food inflation which has become a pain point, the All-India Consumer Price Index-Industrial Workers (CPI-IW) for May increased by 0.5 point to reach to 139.9, official data showed on Wednesday.
In its 49th MPC meeting held between June 5 and 7, it was decided to maintain the status quo on key interest rates, reflecting a balanced approach towards sustaining economic growth while keeping inflation in check.
Wholesale food prices have skyrocketed month-on-month in May, with official data showing that the Whole Price Index for food rising from 5.52 per cent in April to 7.40 per cent in May.