New Delhi. Amidst the corona virus epidemic, the common man and the government have got good news from the inflation front. According to the data released by the National Statistical Office (NSO Data), the retail inflation rate has come down further. According to the data, the retail inflation rate was 5.30 percent in August 2021, which reached a three-month low in July 2021 to 5.59 percent. At the same time, during August 2020, due to bottlenecks in the supply chain, the rate of retail inflation in the country had reached 6.69 percent. Retail inflation has remained within the Reserve Bank of India’s (RBI) target for the second consecutive month due to the reduction in the price of food items in August 2021.
If food inflation decreased, fuel and electricity inflation increased
RBI aims to keep retail inflation at 4 per cent with a margin of 2 per cent. According to the data of NSO, a major decline of 11.7 percent has been registered in the prices of vegetables during August 2021. Due to this, food inflation has come down from 4 per cent in July to 3.11 per cent in August. However, the fuel and light inflation rate rose to 12.95 percent during this period. At the same time, the inflation rate of the services sector also remained at a high level of 6.4 percent in August 2021.
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‘Retail inflation will improve gradually and improve’
Reserve Bank Governor Shaktikanta Das recently said that a gradual improvement in retail inflation will be recorded. He had hoped that soon the retail inflation would come to an end by reaching within the range of 6 per cent. He had said in the meeting of the Monetary Policy Committee in July 2021 that it is necessary to decide the monetary policy keeping in mind the goal of growing the country’s economy at the moment. Also said that during the epidemic, the entire emphasis of RBI was on economic growth. In such a situation, it was decided to keep the target of retail inflation in the range of 2 to 6 percent instead of 4 percent.
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