May 13th 2024.
In the bustling city of New Delhi, it has been reported that the retail inflation has eased to 4.83% in April. This is a result of some kitchen items experiencing a decline in prices, according to government data that was released on Monday. This is a slight decrease from the 4.85% recorded in March, and an even bigger drop from the 4.7% in April 2023.
The data released by the National Statistical Office also revealed that inflation in the food basket rose to 8.70% in April, slightly higher than the 8.52% in March. This has been a cause for concern for the government, who has directed the Reserve Bank to keep inflation at 4%, with a margin of 2% on either side.
The Reserve Bank, which takes into account consumer inflation while determining its bi-monthly monetary policy, has stated that the uncertainty in food prices will continue to impact the inflation trajectory in the near future. This means that efforts will have to be made to closely monitor and manage the prices of essential food items.
The rise in food inflation can also be attributed to the ongoing COVID-19 pandemic, which has disrupted supply chains and caused shortages in certain products. This has led to an increase in prices, making it difficult for consumers to manage their expenses.
The government and the Reserve Bank will have to work together to find ways to stabilize food prices and ensure that inflation remains within the desired range. This will not only benefit the consumers but also contribute to the overall economic stability of the country.
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