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New DelhiRetail inflation rose to 6.3 per cent in May. This is the highest rate of retail inflation in the last six months. Retail inflation data was released by the government on Monday. The Consumer Price Index shows the change in the retail inflation rate.
Food and energy were the biggest contributors to the rise in retail inflation. Food inflation rose to 5.01 per cent in May. It was 1.96 per cent in April. retail in April inflation rate had come down to 4.23 per cent. This was the lowest level in three months of retail inflation. The reason for this was the fall in the prices of food items.
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The Reserve Bank of India has set a target of 4 per cent for retail inflation by March 2026. This includes a variation of 2 per cent. After five months, retail inflation in May has crossed the RBI’s upper target of 6 per cent.
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The central bank has projected the rate of retail inflation to be 5.1 percent during the financial year 2021-22. It has estimated it at 5.2 per cent in the first quarter, 5.4 per cent in the second quarter, 4.7 per cent in the third quarter and 5.3 per cent in the fourth quarter.
What will be the effect of increase in wholesale inflation rate on the common people?
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