Food prices hindering inflation to 4% target: RBI
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A team led by RBI Deputy Governor Michael Debabrata Patra said in its article that even though inflation has been declining steadily with a broad moderation in core inflation, food price pressures are likely to hamper its rapid recovery to four per cent. It is happening.
Mumbai Food prices are hindering the Reserve Bank of India’s (RBI) goal of rapidly reducing inflation to four percent. This was said on Tuesday in the central bank’s March bulletin ‘State of the Economy’. Consumer Price Index (CPI) based retail inflation has been declining since December and stood at 5.09 per cent in February.
A team led by RBI Deputy Governor Michael Debabrata Patra said in its article that even though inflation has been declining steadily with a broad moderation in core inflation, food price pressures are likely to hamper its rapid recovery to four per cent. It is happening. The article further said that the global economy is losing momentum and growth is slowing in some of the most belligerent economies.
High frequency indicators are pointing towards further slowdown in the times to come. The gross domestic product (GDP) growth rate in India was at a six-quarter high in the third quarter of the financial year 2023-24. The article said that going forward, structural demand and healthy corporate and bank balance sheets will drive growth. The central bank said the views expressed in the article are those of the authors and do not represent the views of the RBI.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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