Bad news came out for people worried about inflation on Friday. In fact, last month the inflation rate increased due to rising prices of food items like tomato, onion and pulses. In the month of June, the retail inflation rate again crossed 5 percent. According to government data, the retail inflation rate in June 2024 was 5.08 percent, up from 4.80 percent in May 2024. There has been an increase in the food inflation rate month on month and in such a situation the inflation rate has reached a four-month high in the month of June.
rising inflation rate
The National Bureau of Statistics has declared the retail inflation rate figures for the month of June. According to the data, due to the increase in food prices, the retail inflation rate has been 5.08 percent, up from 4.75 percent in May, and has now been revised to 4.80 percent. A year ago, in June 2023, the retail inflation rate was 4.87 percent. The food inflation rate was 9.36 percent in the month of June, up from 8.83 percent in May. The food inflation rate in June 2023 was 4.31 percent.
That’s why inflation increased
Due to heavy rains in many parts of the country, there has been an increase in the prices of vegetables, making vegetables more expensive. The inflation rate of vegetables was 29.32 percent in June, compared with 27.33 percent in May. The inflation rate of pulses was 16.07 percent in June, compared with 17.14 percent in May. There was a slight decline in the inflation of pulses in June. The inflation rate of fruits was 7.1 percent in June, compared with 6.68 percent in May. The inflation rate of cereals and related products was 8.75 percent, compared with 8.69 percent in May. The inflation rate of sugar was 5.83 percent, compared with 5.70 percent in May. The inflation rate for eggs has decreased and is at 3.99 percent, compared to 7.62 percent in May.
RBI to monitor retail inflation rate
The government has entrusted the responsibility of controlling the retail inflation rate to the Central Bank. The government has entrusted the Reserve Bank of India (RBI) with the task of ensuring that the CPI inflation remains at 4 per cent with a margin of 2 per cent on either side. But the retail inflation has again crossed 5 per cent. In such a situation, the possibility of the RBI cutting policy rates has also been put on hold. On Thursday itself, RBI Governor Shaktikanta Das said that the inflation rate remains challenging and is higher than the target.
