ACTION PUNJAB NEWS Desk: According to government data released on Tuesday, retail inflation, measured by the Consumer Price Index (CPI), remained nearly unchanged at 5.09 per cent in February, compared to 5.1 per cent recorded in January.
This slight moderation comes amidst efforts by the Reserve Bank of India (RBI), mandated by the government to maintain retail inflation at 4 per cent, with a tolerance level of 2 per cent on either side. In comparison, inflation stood at 6.44 per cent in February 2023, indicating a notable decrease over the past year.
The data from the National Statistical Office reveals that food inflation in the CPI basket slightly increased to 8.66 per cent in February, up from 8.3 per cent in the previous month. With the government’s directive to keep inflation in check, the RBI projected CPI inflation at 5.4 per cent for the current fiscal year (2023-24), with a recorded figure of 5 per cent in the January-March quarter.
Suvodeep Rakshit, a senior economist at Kotak Institutional Equities, expressed a sanguine outlook, stating to Reuters, “February CPI inflation print does not add to any further worries. We expect the inflation trajectory to remain around 4.5 per cent -5 per cent in FY2025, with a sharp base effect led dip to around 3 per cent in the second quarter.” This sentiment suggests cautious optimism regarding inflationary pressures in the near future.
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(Inputs from agencies)
