India’s CPI Inflation In January 2024 Eases to Three-Month Low of 5.1%; IIP Grows 3.8%

Onions, Garlic & Now Arhar Dal: Food Inflation Keeps Derailing Benefits from Fast-Paced Economic Growth
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Retail inflation data for January 2024 has been released. (Shutterstock)

Retail inflation data for January 2024 has been released. (Shutterstock)

India’s retail inflation in January 2024 has eased to 5.1 per cent on slowing food price rises and favourable base effects

India’s retail inflation in January 2024 has eased to 5.1 per cent on slowing food price rises and favourable base effects, according to the latest official data released on Monday.

Meanwhile, India’s industrial output, based on the Index of Industrial Production (IIP), grew 3.8 per cent in December 2023, according to the latest official data released separately. It had grown 6.4 per cent in November 2023.

India’s CPI inflation had stood at 6.52 per cent in January 2023 and 5.69 per cent in December 2023.

As per the data released by the National Statistical Office (NSO), retail inflation in the food basket stood at 7.58 per cent, compared with 9.53 per cent in December 2023.

The Reserve Bank of India has been tasked by the government to ensure retail inflation remains at 4 per cent with a margin of 2 per cent on either side. In the monetary policy announced last week, the RBI projected the CPI inflation at 5.4 per cent for 2023-24.

It highlighted “large and repetitive food price shocks” as one of the biggest risks to the ongoing disinflation trend.

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