to eat Retail inflation increased to 5.08 percent in June due to cost of goods. This information was given in the official figures released on Friday. According to National Statistical Office (NSO) data, retail inflation based on Consumer Price Index (CPI) stood at 4.8 percent in May 2024 and 4.87 percent in June 2023. These data show that inflation in food items increased to 9.36 percent in the month of June which was 8.69 percent in May.
Repo rate is affected
The government has entrusted the Reserve Bank of India (RBI) with the responsibility of ensuring that retail inflation remains at four percent with a variation of two percent. RBI mainly takes into account retail inflation while deciding on policy rates. The Reserve Bank has estimated retail inflation to be at 4.5 percent for the financial year 2024-25. It is estimated to be 4.9 percent in the first quarter, 3.8 percent in the second quarter, 4.6 percent in the third quarter and 4.5 percent in the fourth quarter.
industrial production increased
The country’s industrial production grew by 5.9 percent in May this year due to good performance of mining and power sectors. This information was given in the official figures released on Friday. Industrial production, based on the Index of Industrial Production (IIP), had increased by 5.7 percent in May 2023. India’s industrial production index grew by 5.9 percent in May 2024, an official statement said. According to National Statistical Office (NSO) data, mining production increased by 6.6 percent and electricity generation by 13.7 percent in May 2024. According to the data, the growth rate of manufacturing sector output declined to 4.6 percent in May this year, which was 6.3 percent in the same month earlier this year. The growth in industrial production during April-May in the current financial year was 5.4 percent which was 5.1 percent in the same period a year ago.
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