Retail Inflation Data: There has been a slight decline in the retail inflation rate in February 2023 but it still remains above the tolerance band of RBI. The retail inflation rate in February 2023 has been 6.44 percent. While the retail inflation rate in January 2023 was 6.52 percent. The retail inflation rate in February 2022 was 6.07 percent.
Inflation of expensive food grains and milk upset
If we look at the reasons for the decline in the retail inflation rate, the food inflation rate has come down to 5.95 percent in the month of February. While the food inflation rate was 6 percent in January. In February 2022, the food inflation rate was 5.85 percent. In the month of February, the inflation rate of food grains and its related products was 16.73 percent. The inflation rate of milk and its related products has been 9.65 percent, the inflation rate of spices has been more than 20 percent to 20.20 percent. The inflation rate of fruits has been 6.38 percent, the inflation rate of eggs has been 4.32 percent. The inflation rate of pulses has been 4.09 percent. The inflation rate of packed mills, snacks and sweets has been 7.98 percent. Vegetables have become cheaper during this period. The inflation rate of vegetables has come down to -11.61 percent.
Debt may become more expensive!
The retail inflation rate is still above the upper limit of RBI’s tolerand of 6 percent. The retail inflation rate has been more than 6 percent in both the months of January and February. Whereas in November and December 2022, the tolerance band of retail inflation had come down to 6 percent. On February 8, 2023, the RBI increased the repo rate by a quarter percent to 6.50 percent. Now that once again the retail inflation rate has reached outside the tolerance band of RBI, the risk of loans becoming more expensive is increasing again. There will be a meeting of RBI’s monetary policy from 3 to 6 April 2023, in which it is believed that RBI can increase the repo rate. If this happens, the EMI may become more expensive.
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