NEW DELHI: According to government data released on Monday, retail inflation decreased to 4.87 percent in October from 5.02 percent in September. In September, the retail inflation rate based on the Consumer Price Index fell to a three-month low of 5.02 percent. The Monetary Policy Committee (MPC) of the Reserve Bank moderated its forecast for CPI inflation from 6.7% in 2022–2023 to 5.4% in 2023–24 during its October meeting. “The fight against inflation is not over yet,” RBI governor Shaktikanta Das had declared, adding that the goal of the central bank is to maintain inflation at 4% rather than between 2-6%. The RBI has been given a mandate by the government to guarantee that the CPI inflation rate stays at 4%, with a margin of error of 2%. When determining its bi-monthly monetary policy, the central bank primarily takes retail inflation into account. According to the government-shared report, food inflation increased by 6.61% in October compared to 6.56% in September. Food inflation makes up almost half of the total consumer price basket.
