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RBI projects India's 2023-24 retail inflation at 5.3 per cent

Post by ANI on Wednesday, February 8, 2023

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Average retail inflation in India is projected to be at 5.3 during the next financial year 2023-24, the Reserve Bank of India governor Shaktikanta Das said on Wednesday while announcing monetary policy outcomes.

The projection, he said, is based on the assumption of a normal monsoon. The average inflation in Q1 2023-24 is expected at 5.0 per cent, Q2 at 5.4 per cent, Q3 at 5.4 per cent, and Q4 at 5.6 per cent, respectively.

For the current financial year 2022-23, inflation is projected at 6.5 per cent, with an average of 5.7 per cent in the January March 2023 quarter, he said.

"The MPC will continue to maintain strong vigil on the evolving inflation outlook so as to ensure that it remains within the tolerance band and progressively aligns with the target," Das added.

Looking ahead, while inflation is expected to moderate in 2023-24, it is likely to rule above the 4 per cent target.

"The outlook is clouded by continuing uncertainties from geopolitical tensions, global financial market volatility, rising non-oil commodity prices and volatile crude oil prices. At the same time, economic activity in India is expected to hold up well. The rate hikes since May 2022 are still working their way through the system."


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