Average inflation dips to 6-year low |
The Economic Survey on Jan 29 said the average retail inflation has declined to a six-year low of 3.3 per cent in 2017-18, with the economy moving towards a more stable price regime. The survey for 2017-18 was tabled by Finance Minister Arun Jaitley in Parliament today. He is scheduled to present the last full budget of the current Narendra Modi-led NDA government on February 1. Controlling inflation has been a priority area for the central government, the survey said, adding that inflation in the country continued to moderate during 2017-18. Consumer Price Index (CPI) based headline inflation, factored in by the Reserve Bank while arriving at its bi- monthly monetary policy, averaged 3.3 per cent during the period which “is the lowest” in the last six financial years. The decline in inflation was broad-based across major commodity groups except housing and fuel and light. The decline in inflation in the first half of the current fiscal year was indicative of a benign food inflation which ranged between (-) 2.1 to 1.5 per cent,” the survey said. This has been possible due to good agricultural production coupled with regular price monitoring by the government, it added.
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