Consumer Price Index (CPI)-based retail inflation was 5.72 percent in December and 6.01 percent in January 2022. 6.77 percent, reached before in October.While the cost of vegetables fell in January, the majority of other goodsu2014including fuel and light\u2014became more expensive.
Source: The Economic TimesAccording to figures issued by the National Statistical Office, the rate of price growth in the food basket was 5.94% in January, up from 4.19% the month before and 5.43% the month before that (NSO).
Inflation was higher in rural areas, 6.85 percent, compared to 6 percent in urban areas.The key short-term rate (repo) was increased by 25 basis points to 6.5 percent last week by the RBI, which has the responsibility to guarantee that inflation stays below 6 percent.The Reserve Bank forecasts retail inflation at 6.5% in 2022u20132023, with the Januaryu2013December quarter coming in at 5.7%.
Headline From its level of 6.77 percent in October 2022, the CPI inflation rate decreased by 105 basis points between November and December 2022.
Due to a substantial decline in vegetable prices, which more than countered the inflationary pressures from grains and protein-based foods, food inflation began to moderate.
What do you think about this soaring inflation? Share your views in the comments below
