India’s retail inflation drops to 6.44% in February 2023

India’s retail inflation drops to 6.44% in February 2023 : According to the data released by the National Statistical Office (NSO), India’s retail inflation has lowered to 6.44% in February 2023 from 6.52% in January 2023.

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The inflation rate for the food basket was 5.95 per cent in February, lower than 6 per cent in January. Except for November and December 2022, retail inflation has remained above the RBI’s upper tolerance level of 6 per cent since January 2022. The Reserve Bank has projected retail inflation at 6.5 per cent for 2022-23, with the January-December quarter at 5.7 per cent.

But it remained above the upper band of the 4+/- 2 percent medium-term target of the Reserve Bank of India (RBI) for the second consecutive month. While food inflation eased marginally to 5.95 percent in February 2023 from 6% in January 2023, inflation for cereals, milk, and fruits picked up.