New Delhi, April 12 (FN Bureau) India’s retail inflation measured by consumer price index (CPI) eased to 4.85% in March 2024 from 5.09% in the previous month, according to official data released on Friday. The retail inflation print has remained within the Reserve Bank of India (RBI)’s tolerance band of 2-6% for seven months now. As per data released by Ministry of Statistics & Programme Implementation (MoSPI), food inflation fell marginally to 8.52% in March this year from 8.66% in the previous month. With inflation staying within the upper limit and also showing a declining trend, the RBI this month kept policy repo rate unchanged at 6.50% for the seventh consecutive time while reviewing the monetary policy.
The central bank has projected the CPI inflation for the current financial year (2024-25) at 4.5%. In the month of March this year, rural inflation was at 5.45% as compared to 4.14% in urban areas. The official data showed vegetable inflation moderated in March this year to 28.34% as against 30.25% in the previous month. Pulses and product inflation in March was at 17.71% as compared to 18.90% in the previous month. Cereals and products inflation in March 2024 was 8.37%. Fuel and light inflation saw a contraction of (-)3.24% in March this year.