India retail inflation at 7.79% in April 2022 |
India`s retail inflation has hit 7.79% in April, the highest in 8 Years
India`s retail inflation surged to 7.79 percent in April 2022, largely driven by rising fuel and food prices, government data shows. The consumer price-based inflation figure stayed well above the Reserve Bank of India`s (RBI`s) upper tolerance limit for the fourth consecutive month. In April, the Consumer Price inflation expanded at its highest pace in eight years. The previous high was recorded at 8.33 per cent in May 2014. April`s print was higher than 6.95 percent in March and 4.23 percent a year ago. Inflation in the food basket rose to 8.38 percent in April from 7.68 percent in the previous month. Food inflation, which accounts for nearly half the consumer price index (CPI) basket, reached a multi-month high in April and can remain elevated due to higher vegetable and cooking oil prices globally. The rate of price rise in the `fuel and light` category in the retail inflation basket quickened to 10.80 percent in April this year from 7.52 percent in the preceding month. In the `oils and fats` category, inflation remained at an elevated level of 17.28 percent in April as Ukraine is one of the major sunflower oil producers in the world and India importing a major portion of the commodity from the war-ravaged country. Besides this, Ukraine is also a key supplier of fertiliser to India. Vegetables witnessed an inflation print of 15.41 percent during the month as against 11.64 percent in March.
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