Government data released on Monday (13 November) revealed that retail inflation decreased to 4.87 per cent in October from 5.02 per cent in September. This means that the Consumer Price Index-based retail inflation has reached a four-month low.
In its October meeting, the Reserve Bank's Monetary Policy Committee (MPC) had projected CPI inflation at 5.4 per cent for 2023-24, showing a decline from 6.7 per cent in 2022-23 according to Hindustan Times.
RBI Governor Shaktikanta Das emphasised that the fight against inflation is ongoing, expressing the central bank's aim to maintain inflation at 4 per cent, not within the range of 2-6 per cent.
The government has assigned the RBI the task of ensuring that CPI inflation remains at 4 per cent, with a margin of 2 per cent on either side. The central bank primarily considers retail inflation when determining its bi-monthly monetary policy.
Food inflation, constituting almost half of the overall consumer price basket, increased to 6.61 per cent in October from 6.56 per cent in September, according to the government's report.
Nishtha Anushree is Senior Sub-editor at Swarajya. She tweets at @nishthaanushree.
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