Retail inflation, as measured by the Consumer Price Index (CPI), grew 4.25% in the month of May on the back of lower vegetable and cooking oil prices. This is the lowest inflation print in 25 months. Factory output, as measured by the Index of Industrial Production, meanwhile, rose 4.2% in April, with manufacturing growing 4.9%. The numbers come on the back of a better-than-expected 7.2% growth in GDP in 2022-23, announced last fortnight.
This healthy mix notwithstanding, the growing uncertainty over the south-western monsoon seems to justify last week’s hawkish commentary by the RBI’s Monetary Policy Committee (MPC).
This story is from the June 13, 2023 edition of Hindustan Times.
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This story is from the June 13, 2023 edition of Hindustan Times.
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