April Retail Inflation Drops to 3.16%, Lowest Since July 2019
India's annual retail inflation eased to 3.16% in April, down from 3.34% in March, marking its lowest level in nearly six years, according to government data released Tuesday. This is the lowest year-on-year inflation rate recorded since July 2019, the government noted in its statement. Food inflation slowed to 1.78% in April from 2.69% in March. Vegetable prices declined 11% year-on-year, compared to a 7.04% drop in March. Cereal prices increased by 5.35%, slightly lower than the 5.93% rise seen in March, while pulses prices fell 5.23%, an improvement over the 2.73% decline in the previous month. “Inflation eased to 3.16% in April, driven by a broad-based reduction in food prices, including vegetables, cereals, and pulses. This CPI figure sets the stage for a potential 25 basis points rate cut by the Reserve Bank of India in its June policy meeting. As expected, inflation remained below 4% for the third consecutive month, dropping from March’s 3.4% to 3.2% year-on-year,” said...