New Delhi: The burden of inflation has increased once again as in January 2023, the retail inflation rate has reached to 6.52 percent.
In December 2022, the retail inflation rate was 5.72 percent. In January 2022, the retail inflation rate was 6.01 percent.
Considering the reasons for the increase in retail inflation, the inflation rate of food items has reached 5.94 percent in January, which was 4.19 percent in December 2022. That is, food items have become expensive in January.
In January 2022, the inflation rate of food items was 5.43 percent. In January 2023, the impact of expensive milk is visible on retail inflation. The inflation rate of milk and its products has been 8.79 percent.
Spices have also become expensive and the same inflation rate has been 21.09 percent. The inflation rate of cereals and products has been 16.12 percent. While the inflation rate of meat and fish was 6.04 percent, egg was 8.78 percent. The inflation rate of vegetables and vegetables is in negative and it has been -11.70 percent. Inflation in fruits was 2.93 per cent. The inflation rate of pulses has been 4.27 percent.
Earlier in November and December 2022, retail inflation came down to 6 percent. Despite this, the RBI increased the repo rate by a quarter percent to 6.50 percent on 8 February 2023.
Now that retail inflation has again reached outside the RBI’s tolerance band, the risk of debt becoming more expensive again has increased. RBI’s monetary policy will meet in April 2023 in which a decision on the repo rate will be taken.