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Retail Inflation Inches Up To 3.18 Percent in June, But Well Below RBI Target

The latest price data released by the Central Statistics Office showed that consumer price index (CPI)-based inflation, which measures changes in shop-end prices, remained comfortably within/breached the Reserve Bank of India's target level of 4 percent.
India's retail inflation for June inched up to 3.18 percent from 3.05 percent in May.
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The latest price data released by the Central Statistics Office showed that CPI-based inflation, which measures changes in shop-end prices, remained comfortably within RBI's target level of 4 percent. Food prices, which is a gauge to measure changes in kitchen budgets, grew 2.1 percent in June compared to 1.83 percent in May. Inflation rate in cereals and products stood at 1.3 percent in June as against 1.24 percent in May while vegetables inflation stood at 4.66 percent in June as against 5.46 percent in May.
A reading below the RBI inflation target will likely support the RBI's decision last month to cut interest rates to boost economic growth.Finance Secretary Subhash Chandra Garg has also stated that the slowdown will continue in the first quarter of the current financial year 2019-20 (FY20).Experts expect the central bank to cut rates in August for the fourth consecutive time since February, to enhance liquidity after the government's annual budget last week lacked any direct steps to boost the economy.
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