Inflation Rate: The common man has got a big relief from rising inflation. Due to softening of prices of food products, retail inflation has declined to the lowest level in five months in March. Inflation rate has come down to 4.85 percent in March. According to official data released on Friday, the retail inflation rate in March was the lowest in five months. This decline in retail inflation has been recorded due to food items becoming cheaper.
Inflation rate at lowest level in five months
Inflation based on Consumer Price Index (CPI) was 5.09 percent two months ago i.e. in February. Whereas if we talk about March 2023, it was 5.66 percent. Retail inflation in March was at its lowest level in five months. Earlier in October, 2023 it was 4.87 percent. According to the data of National Statistical Office (NSO), the inflation rate of food products was 8.52 percent in March whereas it was 8.66 percent in February a month ago.
RBI has a big responsibility
The government has entrusted the Reserve Bank with the responsibility of keeping retail inflation limited to four percent (plus or minus two percent). The Monetary Policy Committee of the Reserve Bank takes into account the retail inflation data while deciding on the policy rates. Expressing hope of normal monsoon this year, the central bank has estimated retail inflation to be 4.5 percent for the current financial year. RBI has estimated retail inflation to be 4.9 percent in the April-June quarter and 3.8 percent in the September quarter.\
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