Retail Inflation Increases: There is bad news for the common people on the inflation front. In the month of December, the retail inflation rate has increased to 5.59 percent from 4.91 percent in the previous month. This figure of retail inflation is at the highest level of five months. In fact, due to edible oil, expensive vegetables and expensive petrol, diesel, electricity, there is an increase in the retail inflation rate. These figures have been released by the Ministry of Statistics. In December 2020, the retail inflation rate was 4.59 percent.
According to the data released by the Ministry of Statistics, the food inflation rate has reached 4.47 percent in the month of December, while the food inflation rate was 1.87 percent in the month of November. Fuel and power inflation stood at 10.95 per cent. It is still in double digits though fuel and electricity inflation has come down compared to November 2021. Clothes and footwear have become expensive. The inflation rate for clothing and footwear stood at 8.30 per cent as against 7.94 per cent in November.
In fact, in the month of November, the central government had reduced the excise duty on petrol and diesel, while many state governments had reduced VAT. There has been a jump in retail inflation, but it is still within the RBI’s target of 2 to 6 percent inflation. However, expressing concern over rising inflation, RBI has said that in the fourth quarter of this year, a further increase in inflation can be seen.
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