Retail inflation, based on the consumer price index (CPI), eased to 7.01 per cent in June this year compared to 7.04 per cent in preceding month. As per the Ministry of Statistics and Programme Implementation data released today, inflation eased marginally mainly due to easing prices in ‘Food & Beverages’ section.
In June 2022, inflation in the food basket came at 7.56 per cent, compared to 7.84 per cent in the May this year. The inflation figure in vegetables eased to 17.37 per cent during the reported month from 18.26 per cent in May 2022. Surging global commodity prices due to the Russia-Ukraine war and high crude oil prices have kept inflation above RBI’s six per cent upper tolerance range.
The government has mandated the central bank to maintain retail inflation at four per cent with a margin of two per cent on either side for a five-year period ending March 2026.
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