India’s retail inflation eases to 12-month low of 4.75 per cent in May
India's retail inflation eased to 4.75 per cent on an annual basis in May as against 11-month low of 4.83 per cent in the previous month, showed the government data on Wednesday
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The number has remained within the Reserve Bank of India's (RBI) tolerance band of 2-6 per cent.
Sequentially, the inflation rate remained unchanged at 0.48 per cent in May.
Meanwhile, food inflation witnessed a decline in May as it grew 8.69 per cent in comparison with 8.7 per cent in April.
Elephant returning to the woods
While unveiling the outcomes of the June Monetary Policy Committee (MPC) meeting, the Reserve Bank of India (RBI) Governor Shaktikanta Das asserted that India’s inflation is reaching its target of 4 per cent.
However, he clearly stated that the central bank wants the process to be gradual and take place on a durable basis.
Das had characterised inflation as an elephant and had said that it is returning to the woods very slowly during the June meet.
The RBI left the inflation aim for fiscal 2025 unchanged at 4.5 per cent. Inflation for fiscal 2024 stood at 5.4 per cent, at par with the central bank’s forecast.
The central bank now sees inflation for Q1, Q2, Q3 and Q4 of this fiscal year at 4.9 per cent, 3.8 per cent, 4.6 per cent and 4.5 per cent, respectively, with risks evenly balanced. In the
