India’s retail inflation dropped to 6.26 per cent in the month of June, according to the data released by the Ministry of Statistics & Programme Implementation (MoSPI) on Monday. The inflation stayed over and above the Reserve Bank of India’s (RBI) threshold of 6 per cent. The inflation climbed to 6.30% in May, highest in the last six months. The government has asked the central bank to maintain retail inflation at 4 per cent with a margin of 2 per cent on either side for a five-year period ending March 2026.
The wholesale price-based inflation accelerated to a record high of 12.94 per cent in May, on rising prices of crude oil and manufactured goods. This is the fifth straight month of uptick seen in the wholesale price index (WPI)-based inflation. WPI has more weightage of non-food commodities.
The RBI has projected the CPI inflation at 5.1 per cent during the ongoing financial year 2021-22.
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