RBI, last month, slashed CPI inflation estimate to 4.7-5.1 percent for April-September 2018
India’s retail inflation came in at 4.58 percent in April from March’s 4.28 percent as oil prices firmed up, data released by statistics office showed.
Retail inflation, measured by Consumer Price Index (CPI) had fallen to 2.99 percent in April 2017.
CPI is the main price gauge that the Reserve Bank of India (RBI) tracks. March’s data is an indication that prices are inching closer to the apex bank’s upper tolerance level of inflation at 6 percent.
Last month, the RBI brought down its January-March (2017-18) inflation projection to 4.5 percent from at 5.1 percent earlier. It also slashed CPI inflation estimate to 4.7-5.1 percent in April-September, 2018-19 and 4.4 percent in the next half of the year, including the impact of house rent allowance.
Consumer food price inflation, a metric to gauge changes in monthly kitchen costs, grew 2.80 percent in April from 2.81 percent in March as compared with 0.61 percent growth a year ago.
Vegetables prices grew 7.29 percent in April as compared to 11.70 percent in March, while pulses continued to witness deflation and contracted (-) 12.35 percent in April from (-) 13.4 percent a month ago.
Fuel inflation, which has seen an uptick since July, grew at 5.24 percent in April as compared to 5.7 percent last month. Housing inflation came in at 8.50 percent in April versus 8.31 percent, month-on-month.