New Delhi [India], February 14 (ANI): India’s retail inflation rose to 6.01 per cent in January, crossing the upper limit of the Reserve Bank of India (RBI) tolerance band for the first time in seven months, the government data showed on Monday. The headline inflation, as measured by the Consumer Price Index (CPI) rose to 6.01 per cent in January 2022 from 5.66 per cent in the previous month. December CPI inflation data has been revised upward 5.66 per cent from 5.59 per cent reported earlier.
Price rise in rural area was sharper than the urban areas. Rural inflation surged to 6.12 per cent in January 2022 from 5.36 per cent in the previous month, according to data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation.
Urban CPI inflation rose marginally to 5.91 per cent in January from 5.90 per cent in the previous month.
The sharp increase in rural inflation is largely due to the base effect. Rural inflation stood at 3.23 per cent in January 2021. It almost doubled to 6.12 per cent in January 2022. However, urban inflation which was at an elevated level of 5.13 per cent in January 2021 rose at a slower pace at 5.91 per cent in January 2022. The overall CPI-based inflation stood at 4.06 per cent in January 2021.
Talking to reporters earlier in the day, the Reserve Bank of India (RBI) Governor Shaktikanta Das said inflation crossing 6 per cent would not be a surprise or a matter of alarm. “If you look at the momentum of inflation right from last October onward, it is on a downward slope. It’s primarily the statistical reasons, the base effect, which has resulted in higher inflation,” Das said at a press conference after the RBI board meet in the national capital.
According to data released by the Ministry of Commerce and Industry on Monday, India’s wholesale inflation eased to 12.96 per cent in January from 13.56 per cent in the previous month.
India’s retail inflation likely rose to 6 per cent in January, says RBI Governor
New Delhi [India], February 14 (ANI): India’s retail inflation for January, which is scheduled to be announced later in the day, might have accelerated to 6 per cent, the upper tolerance limit of the central bank, the Reserve Bank of India (RBI) Governor Shaktikanta Das said on Monday. “Today’s inflation print is expected to be close to 6 per cent that should not surprise,” Das said at a media briefing after the RBI Board meet.
Retail inflation based on Consumer Price Index (CPI) stood at 5.59 per cent in December 2021. It was recorded 4.59 per cent in November 2021. Noting that retail inflation likely to touch the upper end of the RBI’s target band of 6 per cent, Das said it should not create any panic. “If you look at the momentum of inflation right from last October onward, it is on a downward slope. It’s primarily the statistical reasons, the base effect, which has resulted in higher inflation especially in Q3,” the RBI Governor said. “The same base effect will play in different ways in the coming months. Today’s inflation print is expected to be close to 6 per cent. That should not surprise or create any alarm because we have taken that into consideration,” he added.
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, is scheduled to announce the monthly CPI inflation data later in the day today. According to data released by the Ministry of Commerce & Industry on Monday, India’s wholesale inflation eased to 12.96 per cent in January from 13.56 per cent in the previous month. The Wholesale Price Index (WPI) based inflation has declined consistently in the recent months. It fell from 14.87 per cent in November 2021 to 13.56 per cent in December 2021 and further to 12.96 per cent in January 2022. (ANI)
The Wholesale Price Index (WPI) based inflation has declined consistently in recent months. It fell from 14.87 per cent in November 2021 to 13.56 per cent in December 2021 and further to 12.96 per cent in January 2022. (ANI)
Wholesale inflation eases to 12.96 per cent in January
New Delhi [India], February 14 (ANI): India’s wholesale inflation eased to 12.96 per cent in January from 13.56 per cent in the previous month, the government data showed on Monday. The Wholesale Price Index (WPI) based inflation has declined consistently in recent months. It fell from 14.87 per cent in November 2021 to 13.56 per cent in December 2021 and further to 12.96 per cent in January 2022.
However, inflation still remains at an elevated level and is a matter of concern for economic policymakers.
“The high rate of inflation in January 2022 is primarily due to rise in prices of mineral oils, crude petroleum & natural gas, basic metals, chemicals, and chemical products, food articles etc as compared the corresponding month of the previous year,” the Ministry of Commerce & Industry said in a statement.
Wholesale food inflation hardened during the month of January. The rate of inflation based on WPI Food Index increased marginally from 9.24 per cent in December 2021 to 9.55 per cent in January, 2022. Prices of Minerals rose by 11.08 per cent and non-food articles became costlier by 0.37 per cent in January 2022 as compared to December 2021. (ANI)
