New Delhi: Retail inflation rose to 7.79 percent year-on-year in April, the highest in eight years. Retail inflation rose on the back of a sharp rise in food prices and remained above the Reserve Bank’s target upper limit for the fourth consecutive month.
Inflation based on the Consumer Price Index (CPI) stood at 6.95 percent in March this year and 4.23 percent in April 2021. Food inflation rose to 8.38 percent in April, from 7.68 percent in the previous month and 1.96 percent in the same month a year ago.
The government has asked the Reserve Bank of India (RBI) to ensure that inflation remains at the level of 4 percent, which can fluctuate up and down by 2 percent. Retail inflation has remained above 6 percent since January 2022.
Industrial production grew by 1.9 percent in March, and 11.3 percent in 2021-22 The adverse impact of the steep rise in inflation is also visible in the domestic market, and further inflationary pressures are likely to continue.
