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Financial News: India Inflation Eases Further To 4.75%, Lowest In

India Inflation Eases Further To 4.75%, Lowest In 1 Year

06/12/2024 - 08:47:00 (RTTNews)

(RTTNews) - India's consumer price inflation eased for the fifth straight month in May to the lowest level in one year, largely due to lower costs for fuel and light, data published by the National Statistical Office showed on Wednesday.

The consumer price index posted an annual increase of 4.75 percent in May, slower than the 4.83 percent increase in April. In the same period last year, inflation stood at 4.31 percent.

Meanwhile, economists had expected inflation to rise to 4.9 percent.

In addition, the inflation rate remained within the Reserve Bank of India's tolerance range of 2-6 percent.

Housing costs grew at a slower rate of 2.56 percent annually versus a 2.68 percent increase a month ago. Meanwhile, costs for fuel and light decreased by 3.83 percent.

Nonetheless, food price inflation remained strong at 8.69 percent in May, almost in line with the 8.70 percent rise in April. This was mainly attributed to a 27.33 percent surge in vegetable prices.

On a monthly basis, consumer prices rose at a stable rate of 0.48 percent in May.

Last week, India's Reserve Bank kept its key interest rates unchanged for the eighth straight month at 6.50 percent and pledged to maintain the disinflationary stance until inflation aligns with the target on a durable basis amid faster economic growth.

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